HDFC Bank Engages External Law Firms Amid Chairman's Sudden Resignation

In a significant move, HDFC Bank has engaged external law firms to independently assess matters highlighted in the resignation letter of its former chairman, Atanu Chakraborty. This decision underscores the bank's commitment to maintaining objective and high governance standards.

The former chairman, who resigned abruptly effective March 18, cited ethical concerns as the primary reason for his departure. Chakraborty, who became part-time chairman in 2021, disclosed in his resignation letter that certain practices within the bank conflicted with his personal values and ethics.

Chakraborty was appointed chairman through the reverse merger of HDFC Bank with its parent entity HDFC Ltd., which took effect on July 1, 2023. The move aims to ensure consistent benchmarking against the highest governance standards, as emphasized by the bank's spokesperson.