HDFC Bank is ready to look into any new concerns after the resignation of former chairman Atanu Chakraborty, said MD and CEO Sashidhar Jagdishan.
The resignation of Atanu Chakraborty has created a chaos in the banking industry and has raised several questions over HDFC Bank. He said that some developments and practices in the bank over the last two years did not match his personal values and ethics. This statement took internet by storm and public started demanding answer from HDFC Bank. Click here to read this full news.
Chakraborty is a retired IAS officer from the Gujarat cadre. He has held several important government positions, including Secretary in the Ministry of Finance (Department of Economic Affairs) during 2019–20. In this role, he coordinated economic policymaking and handled the Union Budget process. He also worked in the Department of Expenditure and was involved in infrastructure project evaluation and subsidy management.
Jagdishan said the bank supports a fair and independent review process. He added that the bank will hold several board meetings to review past decisions and identify any gaps.
“We will hold multiple board meetings, review earlier decisions, and find areas where we need to improve,” he said. He also said the bank will take strong action wherever needed.
He explained that if there are operational issues, the bank will improve systems and controls. If there are conduct-related issues, the bank will take strict action.
- India’s Largest Private Bank: HDFC Bank is the biggest private sector bank in India by assets and market value.
- Founded in 1994: The bank started operations in 1995 and is headquartered in Mumbai.
- Massive Network: It has over 9,000+ branches and 21,000+ ATMs across India.
- Huge Workforce: The bank employs more than 2 lakh people, making it one of India’s largest employers.
- Systemically Important: It is classified by RBI as a “too big to fail” bank.
- Global Presence: HDFC Bank is among the top banks globally by market capitalisation.
- Wide Services: Offers loans, credit cards, insurance, investment, and wealth management services.
Chakraborty resigned on March 19, mentioning concerns related to “values and ethics.” This created uncertainty among investors and shareholders. However, Jagdishan said no such concerns were officially raised during Chakraborty’s time as chairman.
Jagdishan said that if anyone has concerns, they should follow the proper process so the bank can address them. He added that Chakraborty had said he had nothing more to share.
The CEO also said the bank is open to review, even if new issues come up in the future. “If he raises any new issue that we are not aware of today, we will look into it,” he said.
Jagdishan accepted that the situation has affected investor confidence. He said it has caused concern among stakeholders, especially small investors. He also said the bank is exploring legal options and consulting experts.
The bank is now focusing more on governance as it faces higher scrutiny. Jagdishan said that having different opinions at the board level is healthy. “Good governance does not mean always agreeing with each other,” he said.
The bank said its governance system is still strong. It will use this situation as a chance to improve internal processes. “We will review past matters and address all issues, old or new, without hiding anything,” Jagdishan said.
