Board Appoints Interim Chair Amid Governance Scrutiny at HDFC Bank

NEW DELHI, July 11 – In the wake of a high‑profile resignation by former chairman Atanu Chakravarty, HDFC Bank’s board has named Keki Mistry as interim part‑time chairperson, reaffirming the institution’s commitment to strong corporate governance. The decision follows an exhaustive legal review that concluded there was no concrete proof to back Chakravarty’s accusations.

The review, overseen by a dedicated committee of independent directors, involved scrutiny of board meeting minutes from the two years preceding the resignation, internal correspondence, and extensive testimony from senior executives. Independent legal counsel, appointed from both domestic and international firms, submitted a comprehensive report on June 26, finding the allegations unsupported by the available evidence.

In its FY 2025‑26 annual report, HDFC Bank emphasized adherence to the highest governance standards and pledged to continue prioritising transparency, accountability, and effective oversight. Mistry addressed shareholders, stating that the bank’s governance values remain unchanged and that the board will continue to monitor compliance rigorously.

The board also approved the appointment of Rajiv Kumar as part‑time chairman and independent director, subject to approval from the Reserve Bank of India and the bank’s shareholders. HDFC Bank reaffirmed that its governance framework will stay robust and transparent in the future.