HDFC Bank Cleared: Ex-Chair's Claims Unsubstantiated

HDFC Bank, India's largest private lender, has strongly defended its corporate governance in its FY26 annual report, addressing concerns raised by the resignation of former chairman Atanu Chakraborty on March 18, 2026. Interim chairman Keki Mistry assured shareholders that the bank remains committed to strong governance principles. The resignation had prompted speculation regarding the bank's board processes and oversight.

To reinforce its standards, the board appointed external law firms to review Mr. Chakraborty's resignation statement. A special committee of independent directors oversaw this legal review. The firms examined board minutes, communications, and conducted interviews, covering the two years prior to the resignation.

On June 26, 2026, the bank shared the findings, indicating that Mr. Chakraborty's statement and its implications were not substantiated by the reviewed records and interviews. Following this, Rajiv Kumar was appointed as the new part-time chairman, pending regulatory and shareholder approval.

Separately, MD & CEO Sashidhar Jagdishan highlighted the bank's progress three years post-merger with HDFC Ltd., noting a strengthened mortgage business and successful cross-selling. He emphasized the central role of technology, including the AI platform Neev, in enhancing business operations, customer service, and decision-making. The bank has also modernized its digital infrastructure with in-house NetBanking and Mobile Banking platforms, and expanded digital offerings. Employees from back-end functions are being redeployed to customer-facing roles as the bank transforms into a technology-led, customer-centric institution.