Who Is Atanu Chakraborty? Ex-IAS Behind Shocking HDFC Bank Exit

Atanu Chakraborty has resigned as HDFC Bank's part-time chairman with immediate effect, citing that certain practices within the bank were not in congruence with his personal values and ethics. Following his departure, the RBI has approved Keki Mistry's appointment as temporary part-time chairman for three months.

In a sudden move, HDFC Bank's part-time chairman and independent director Atanu Chakraborty resigned with immediate effect on Wednesday. In a letter to the bank's Chairman of Governance, Nomination, and Remuneration Committee, Chakraborty stated, ""Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision." The note continued: "I confirm that there are no other material reasons for my resignation other than those stated above."

He joined HDFC Bank's board as an independent director in May 2021 and subsequently became part-time chairman.

His tenure coincided with a watershed moment for the bank, which included its merger with HDFC Limited. In his resignation letter, Chakraborty praised the merger as a "momentous" move that "created a conglomerate under the bank," but added that "the benefits of the merger are yet to fully fructify."

Who is Atanu Chakraborty?

Chakraborty is a retired Indian Administrative Service (IAS) official from the Gujarat cadre with over 30 years of experience in public policy and financial management. He was Secretary of the Department of Economic Affairs under the Ministry of Finance, and he also worked at the Department of Investment and Public Asset Management, where he was involved in the government's disinvestment program.

He holds a bachelor's degree in electronics and communication engineering from the National Institute of Technology, Kurukshetra and an MBA from the University of Hull in the United Kingdom.

During his career in government, Chakraborty worked across sectors including finance, petroleum, infrastructure and industry. His responsibilities included coordinating economic policy, managing multilateral project financing, developing capital market frameworks and handling privatisation initiatives.

Chakraborty transitioned into corporate jobs after retiring from the public service, providing policy depth and regulatory knowledge to board seats.

Following his departure, the Reserve Bank of India accepted Keki Mistry's appointment as temporary part-time chairman for three months. Investors and analysts will now await more clarification from the bank or authorities on the issues raised in the resignation.