The Reserve Bank of India has appointed Keki Mistry as the interim part-time Chairman of HDFC Bank for three months starting March 19. Mistry expressed that he accepted the role due to its alignment with his personal values and principles. Following the swift developments post Atanu Chakraborty’s resignation, some board members met with the RBI.
Mistry mentioned that the RBI’s quick approval of his appointment indicates its comfort with the bank’s situation. The central bank stated that HDFC Bank has no significant concerns regarding its conduct or governance post Chakraborty’s resignation. It emphasized the bank’s strong financial position and well-capitalized status.
HDFC Bank clarified that Chakraborty’s resignation was solely based on reasons mentioned in his letter and that he has no other directorship. The Board appreciated Chakraborty’s contributions and wished him success in his future endeavors. Chakraborty resigned citing misalignment of the bank’s practices with his personal values and ethics.
Shares of HDFC Bank experienced an 8.41% decline, reaching an intraday low of Rs 772 on the BSE. By 11:28 am, the banking stock was trading at Rs 804, marking a 4.57% decrease on the exchange.
