HDFC Bank firmly rooted in corporate governance, merger related synergies progressing well: Keki Mistry

Keki Mistry, Interim Part-time Chairman, HDFC Bank | Photo Credit: jaishankar

HDFC Bank continues to uphold strong corporate governance principles and values, despite the steady progress of merger‑related synergies, noted Interim Part‑time Chairman Keki M. Mistry.

This remark follows allegations by Atanu Chakraborty, who stated in his March 18 2026 resignation letter that ‘certain happenings and practices observed at the bank over the past two years do not align with my personal values and ethics.’

In his letter, Chakraborty wrote: ‘I joined HDFC Bank’s Board in May 2021. During my tenure I witnessed major events, including the merger of the bank with HDFC Ltd, which formed a conglomerate under the bank and positioned HDFC Bank as the nation’s second‑largest lender. Although, the full benefits of that merger have not yet been realised.’

Mistry assumed the role of interim part‑time chairman of HDFC Bank effective March 19 2026.

‘We remain fully committed as ever to the highest standards of transparency, accountability, and oversight; any issue requiring review will continue to be examined carefully, guided by established procedures and the long‑term interests of shareholders and other stakeholders,’ Mistry conveyed to shareholders.

After Chakraborty’s resignation, the bank’s board engaged domestic and international external law firms to assess whether any of the concerns raised in his resignation letter were substantiated.

In a regulatory filing issued late last month, the bank stated that the legal review of Chakraborty’s resignation letter uncovered no irregularities.

According to the filing, the external law firms examined thousands of documents—such as board and committee meeting minutes and agendas from the two years prior to Chakraborty’s resignation—and also interviewed independent directors, committee chairs, the managing director & CEO, and senior managers responsible for control and assurance.

Despite multiple invitations, Chakraborty chose not to take part in the review, the law firm’s report noted.

In a message to shareholders, Managing Director & CEO Sashidhar Jagdishan said that on June 26 2026 the bank released the external law firms’ findings, which concluded that Chakraborty’s resignation‑letter claims and their implications were not supported by the reviewed records or witness interviews.

Discussing the merger of HDFC into HDFC Bank, which was finalized three years ago, Mistry stressed that the deal turned the HDFC Bank Group into one of India’s premier financial‑services conglomerates, noting that the core of the merger was combining home‑loan expertise with the bank’s distribution network and technology.

‘I am pleased to report that several merger‑related synergies are advancing well. Cross‑selling remains at a healthy level, and we persist in pursuing its full potential over the long term,’ he added.

‘I remain highly optimistic about India’s housing sector’s long‑term outlook, which will generate a positive ripple effect for lending institutions,’ he said.

Published on July 11 2026