Following the resignation of HDFC Bank chairman Atanu Chakraborty, the bank’s board members, on a conference call with journalists on Thursday (March 19, 2026), said that they were “baffled” by the resignation.

“We are not sure what triggered the resignation,” said Sashidhar Jagdishan, MD and CEO of HDFC Bank.

Meanwhile interim chairman Keki Mistry said that when the board asked Mr. Chakraborty about the reason for his resignation, he said “no personal reason”. The resignation was a “personal relationship issue”, Mr. Mistry said without further elaborating.

He asserted that the corporate governance at the bank is robust and the RBI has ratified it. “I am 71 years old. Had the governance at the bank been not very strong, I would not have taken up this responsibility” said Mr. Mistry.

The full board has reposed its faith in the bank and it’s governance standards as well as capital adequacy, Mr. Mistry said.

On Wednesday (March 18, 2026), Mr. Chakraborty resigned as the part-time chairman and independent director of HDFC Bank saying, “Certain happenings and practices within the bank, that I have observed over 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,” he said in his resignation letter.

The sudden resignation sent the bank’s share prices crashing 4.45% on Thursday (March 19, 2026), as the markets opened.