India’s largest private lender, HDFC Bank, has witnessed a major leadership change after its chairman Atanu Chakraborty resigned unexpectedly, citing ethical concerns.
In his resignation, Chakraborty mentioned that certain developments within the bank over the past two years were not aligned with his personal values. His sudden exit—midway through his term—sent shockwaves among investors and customers, marking the first such instance in the bank’s history.
Following the development, the Reserve Bank of India (RBI) moved quickly to stabilise the situation, stating that there were no material concerns regarding the bank’s governance or conduct. The RBI also approved the appointment of Keki Mistry as interim part-time chairman for a period of three months starting March 19, 2026.
Amid the uncertainty, HDFC Bank shares saw volatility, falling sharply before recovering partially during trading.
Keki Mistry, 71, is a veteran in India’s financial sector with over four decades of experience. A chartered accountant from the Institute of Chartered Accountants of India, he began his career with Housing Development Finance Corporation (HDFC) in 1981.
Over the years, he held several key leadership roles at Housing Development Finance Corporation, including executive director, managing director, and later vice chairman and CEO. After the merger of HDFC with HDFC Bank, he continued as a non-executive director of the bank.
Mistry is also associated with multiple leading organisations and serves on the boards of companies such as Tata Consultancy Services and Torrent Power. He has also been involved with governance and regulatory bodies, including committees formed by the Securities and Exchange Board of India (SEBI), and currently chairs the CII National Council on Corporate Governance.
Soon after taking charge, Mistry clarified that there is no power struggle within the bank and sought to reassure stakeholders about stability in leadership.
His appointment is seen as a steadying move at a time when the bank is facing scrutiny and market reactions following the unexpected resignation of its chairman.
