MUMBAI: The chairman of India's biggest private bank has quit, the lender said in a stock exchange filing Wednesday, with his resignation letter citing differences in "personal values and ethics".
Atanu Chakraborty did not provide further details in quitting HDFC Bank, India's largest private-sector lender by assets and the second-biggest Indian company by market capitalization.
"Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics," wrote Chakraborty, whose term was to end in May 2027.
"This is the basis of my aforementioned decision," he wrote.
First appointed in May 2021 for three years, Chakraborty was named to a second term in May 2024.
His tenure coincided with HDFC Bank merging with its parent company, a mortgage lender, in 2023 to create a financial giant.
Chakraborty said in his resignation letter that while the initiative was "strategic", the "benefits of the merger are yet to fully fructify".
HDFC Bank said that with Chakraborty's exit, it had received approval from India's central bank to appoint Keki Mistry as interim chairman for three months.
