In a decisive step to steady the ship, HDFC Bank named seasoned financier Kekki Mistry as its interim non-executive chairman, securing RBI’s nod for a three-month stint starting March 19. This comes hot on the heels of former RBI deputy governor Atanu Chakraborty’s resignation over personal ethical concerns.
Addressing analysts via conference call, the 71-year-old Mistry was candid: this responsibility resonates deeply with his lifelong principles. He recounted the whirlwind developments post-resignation, from board meetings to RBI consultations, culminating in the regulator’s quick endorsement—a clear sign of trust in the bank’s governance.
RBI’s official word on Thursday dispelled any doubts, stating no significant worries about operations or leadership. The central bank affirmed HDFC’s strong capitalization, professional board, and capable team, underscoring its D-SIB status.
The bank reiterated Chakraborty’s exit reasons matched his resignation letter, commending his two-year tenure since May 2021. No new board roles for him were noted.
Shares felt the jolt, plunging 8.40% intra-day to 770 rupees before closing 3.77% down at 811.50 on NSE. As HDFC navigates this interim phase, Mistry’s stewardship and RBI’s reassurance point to steady sailing ahead for this banking behemoth, even as markets remain volatile.