Keki Mistry, Interim Part-time Chairman, HDFC Bank
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jaishankar
HDFC Bank remains firmly rooted in strong corporate governance principles and values, even as many of the merger related synergies are progressing well, said Interim Part-time Chairman Keki M Mistry.
The above observation comes in the backdrop of Atanu Chakraborty alleging that “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” in his resignation letter of March 18, 2026.
In the letter, Chakraborty said: “I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest bank in the country. Though, the benefits of merger are yet to fully fructify.”
Mistry took on the mantle as an interim Part-time Chairman of HDFC Bank with effect from March 19, 2026.
“As always, we remain fully committed to maintaining the highest standards of transparency, accountability and oversight. Any matter that warrants review or attention will continue to receive careful consideration, guided by established processes and the long-term interests of shareholders and other stakeholders,” Mistry told shareholders in a message.
Following Chakraborty’s resignation, the bank’s Board of Directors appointed external law firms, both domestic and international, to review and evaluate whether any concern was evident as raised in the statement made by him in his resignation letter.
The bank, late last month, in a regulatory filing, said that the legal review into Chakraborty’s resignation letter has not found any irregularities.
The external law firms scrutinised thousands of documents, including minutes and agenda papers of Board and Committee meetings from the two years preceding Chakraborty’s resignation, per the filing. They also interviewed Independent Directors, Committee Chairpersons, the Managing Director & CEO, and senior management overseeing control and assurance functions.
Despite repeated requests, Chakraborty did not participate in the review process, according to the law firm’s report.
In his message to shareholders, Sashidhar Jagdishan, MD & CEO, said: “The Bank on June 26, 2026, shared the findings of the external law firms which, in essence was that Mr. Chakraborty’s statement in his resignation letter and its implications were not substantiated by the record reviewed and witness interviews.”
Referring to the merger of HDFC with and into HDFC Bank, which was concluded three year ago, Mistry emphasised that this transformed HDFC Bank Group into one of the leading financial services conglomerates in India. At the heart of this merger has been marrying the expertise of the home loan product with the bank’s reach and technology.
“I am happy to say that many of the merger related synergies are progressing well. Cross-sell is at a healthy level and we continue to work towards realising its potential on an ongoing basis over the long term
“I remain highly optimistic about the long term prospects of the housing sector in India, which will have a positive cascading effect on lending institutions,” he said.
Published on July 11, 2026
