HDFC Bank (HDFCBANK) Investor update summary

Board and governance update

• The resignation of part-time chairman Atanu Chakraborty was accepted, with the board expressing appreciation for his contributions and confirming no material issues or operational concerns were identified during his tenure.

• The Reserve Bank of India promptly approved the appointment of Keki Mistry as interim part-time chairman for three months, effective March 19, 2026, reflecting regulatory confidence in the bank's governance.

• Board members and management emphasized the institution's strong governance, robust internal controls, and unified leadership, with no evidence of power struggles or substantive disagreements.

• The board and management reiterated their commitment to transparency, stakeholder protection, and regulatory compliance.

• All board committees, including audit, risk, and nomination, are led by experienced independent directors and continue to function effectively.

Leadership changes

• Mr. Atanu Chakraborty resigned as part-time Chairman and Independent Director, effective immediately, citing misalignment with his personal values and ethics as the reason for his departure.

• Mr. Chakraborty joined the board in May 2021 and oversaw significant events, including the merger with HDFC Ltd, which positioned the bank as the second largest in the country.

• Mr. Chakraborty confirmed there are no other material reasons for his resignation beyond those stated.

• The board expressed appreciation for Mr. Chakraborty's contributions and wished him success in future endeavors.

Response to resignation and stakeholder concerns

• The board and management repeatedly stated that no specific governance or ethical lapses were communicated by the outgoing chairman, despite his strong language in the resignation letter.

• Board members directly questioned the outgoing chairman about his reasons, but he cited only personal value differences and did not raise regulatory or operational issues.

• The board assured stakeholders that all complaints, including those from social media or anonymous sources, are thoroughly investigated and addressed through established processes.

• The board plans to meet soon to discuss next steps and maintain open communication with regulators.