HDFC Bank Ltd on Thursday said its part-time Chairman and Independent Director Atanu Chakraborty has resigned with immediate effect.
In his resignation letter, Chakraborty cited concerns over certain developments within the bank. “Certain happenings and practices within the bank that I observed over the last two years were not in congruence with my personal values and ethics. Hence, I have taken this decision,” he said, adding that there were no other material reasons for his resignation.
Chakraborty joined the board in May 2021 and oversaw key developments, including the merger of HDFC Bank with HDFC Ltd, which created one of the country’s largest financial services conglomerates. He noted that while the merger was a landmark initiative that made HDFC Bank the second-largest bank in India, its full benefits are yet to be realised.
He expressed appreciation to the board and senior management for their support during his tenure, and thanked independent and non-executive directors for their contributions to governance.
Chakraborty also acknowledged the role of employees, particularly at the middle and junior levels, noting their energy and potential in shaping the organisation’s future. He further commended the bank’s secretarial, compliance, audit and oversight functions.
HDFC Bank, Atanu Chakraborty, Corporate Governance, HDFC