“At the age of 71, I would not take on this responsibility for three months if the systems, processes and governance in the bank did not align with my principles and values,” said Keki Mistry, Interim Chairman of HDFC Bank.
He was speaking to analysts after the sudden resignation of Atanu Chakraborty late last evening. The RBI approved the appointment of Keki Mistry as the interim chairman for three months.
Mistry reassured investors and stakeholders that the resignation has no link to governance or operational issues at the bank. He reiterated that he has agreed to take up the role to ensure stability at the bank.
No governance concerns behind Chakraborty exit: Keki
Chakraborty’s sudden resignation had stirred investor concern and confidence in the country’s largest public sector bank. In the conference call, the HDFC Bank board reassured investors and stakeholders that the resignation has no link to governance or operational issues at the bank.
“I can tell you nothing of substance, nothing,” Mistry said when asked about possible disagreements within the board.
The bank said the nomination committee will begin identifying a new chairman during this period in consultation with the RBI.
Leading brokerage, Jefferies said that they are relieved that Keki Mistry is appointed as interim Chairman. “We hope he can be appointed as permanent Chairman in due course given his association with group and credibility on corporate governance and regulatory aspects.”
The Reserve Bank of India (RBI) has also approved Mistry’s appointment for three months. “Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance,” RBI said in its release.
Who is Keki Mistry: A detailed look at his career chart
Keki Mistry was the Vice Chairman & Chief Executive Officer of Housing Development Finance Corporation earlier. After the merger with HDFC Bank in 2023, he was appointed as Non-Executive (Non-Independent) Director.
Mistry is also the Chairman of the Primary Market Advisory committee (PMAC) constituted by the Securities and Exchange Board of India (SEBI). He is also the Co-Chair of the B20 [South Africa 2025] Task Force on Integrity & Compliance.
Mistry is a Director on the Boards of HDFC Life Insurance Company, HDFC ERGO General Insurance Company, Tata Consultancy Services, HDFC Capital Advisors, the Great Eastern Shipping Company, and others.
He is also an advisor on the Board of PWC India and Axis Mutual Fund regarding Real Estate, and a Strategic Advisor for Cyrus Poonawalla Group’s Financial Services Ventures.
However, HDFC Bank clarified that “Mistry does not hold full-time position in any other company or body corporate.”
HDFC Bank Q3FY26
HDFC Bank in its Q3 FY26 results, reported an 11.5% year-on-year(YoY) rise in net profit to Rs 18,654 crore. The bank’s net interest income rose 6.4% to Rs 32,620 crore, while core net interest margin improved to 3.35%, reflecting better profitability. Growth was also aided by stable asset quality and strong deposit and loan expansion, even as operating costs remained largely flat and included the impact of the new labour code.
Conclusion
HDFC Bank also emphasised that the resignation will not affect the bank’s operational performance or strategic direction.
“What happened yesterday has nothing whatsoever to do with the operational ability of the bank,” Mistry said.