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Ethical Rift Prompts HDFC Bank Chairman's Exit

4 Apr

Summary

HDFC Bank reported 12% credit growth to Rs 29.6 lakh crore for the March quarter.
Total deposits surged 14.4% to Rs 31.05 lakh crore, with CASA deposits up 12.3%.
Chairman Atanu Chakraborty abruptly resigned citing ethical concerns on March 18.

Ethical Rift Prompts HDFC Bank Chairman's Exit

HDFC Bank reported a 12% credit growth for the March quarter, with total advances reaching Rs 29.6 lakh crore. The bank also saw a substantial 14.4% increase in total deposits, which stood at Rs 31.05 lakh crore by the end of March 2026. CASA deposits grew by 12.3%, and time deposits saw a rise of approximately 15.5%.

Amidst this financial performance, a significant development occurred when Chairman Atanu Chakraborty resigned on March 18, citing ethical concerns. He stated that certain observed "happenings and practices" within the bank were not in congruence with his personal values. Chakraborty, a former Economic Affairs Secretary, had been appointed part-time chairman in May 2021 and his term was extended until May 2027.

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