Governance shock at India’s top private bank as chair resigns over ethics
The chair of HDFC Bank, India’s largest private lender, Atanu Chakraborty, has resigned citing ethical differences, triggering governance scrutiny. The RBI reassured markets that there are no material concerns about the bank’s conduct, while interim chair Keki Mistry and analysts seek clarity on the issues. The departure comes after HDFC Bank’s merger with HDFC Ltd, creating a dominant financial group, and prompted a temporary stock drop before stabilizing on RBI’s comments.