HDFC Bank CEO and MD Sashidhar Jagdishan has reaffirmed that the private lender is ready to reassess any fresh concerns arising after the resignation of former chairman Atanu Chakraborty.
“We will convene
multiple board meetings, re-examine decisions taken over time and see where we need to improve,” Sashidhan said in an interview to the Economic Times.
MD further reaffirmed that if these are operational issues, they would tighten design and controls. “If these are conduct issues, we will be ruthless,” he added.
Last week, Atanu Chakraborty had tendered his resignation as the interim chairman and independent director of HDFC Bank with immediate effect, saying he didn’t agree with certain happenings and practices within the bank in the last years.
“Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision. I confirm that there are no other material reasons for my resignation other than those stated above,” Chakraborty said in his resignation letter.
The Reserve Bank of India (RBI) has granted the bank’s request to appoint Keki Mistry as the interim part-time chairman, effective from March 19, for a period of three months.
Shares of HDFC Bank have broken 11 per cent since the surprise resignation, with shares down to Rs 748.95 per share on Monday intraday.
Chakraborty was appointed as part-time chairman in April 2021 for a three-year term, and reappointed in May 2024 for a further term extending through May 4, 2027. During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal.
