The resignation of Atanu Chakraborty as part-time chairman and independent director of HDFC Bank has sent shockwaves across the banking and investor community. The former IAS officer stepped down citing ethical concerns, raising serious questions about internal governance at India’s largest private sector lender. The sudden move has triggered concern among investors and market watchers, especially at a time when stability in the financial sector is crucial. Following the development, the bank moved quickly to ensure continuity by appointing Keki Mistry as interim part-time chairman with effect from March 19, 2026, for a period of three months.
Keki Mistry brings with him over four decades of rich experience in banking and financial services. A chartered accountant and a long-time member of the Institute of Chartered Accountants of India, Mistry has had a deep association with the HDFC group. Before the 2023 merger between Housing Development Finance Corporation and HDFC Bank, he served as the vice chairman and chief executive officer of HDFC, playing a crucial role in shaping the institution’s growth journey.
Mistry began his professional career in 1975 with AF Ferguson & Co, one of India’s leading chartered accountancy firms. He later had short stints with major corporates like Hindustan Unilever and Indian Hotels Company before joining HDFC in 1981. Over the decades, he rose through the ranks, taking on key leadership roles. He was inducted onto the board as executive director in 1993, became managing director in 2000, and later served as vice chairman and managing director in 2007. By 2010, he was appointed vice chairman and CEO, cementing his position as one of the most influential figures in India’s financial sector.
During his tenure, Mistry played a pivotal role in transforming HDFC into a financial powerhouse. He was instrumental in the creation and expansion of several key institutions including HDFC Bank, HDFC Asset Management Company, HDFC Life Insurance, and HDFC ERGO General Insurance. His leadership helped establish HDFC as a dominant force across multiple financial segments in India.
Beyond his corporate roles, Mistry has also contributed significantly to policymaking and financial sector reforms. He is associated with several high-level committees and advisory groups, including those formed by the Securities and Exchange Board of India. He currently chairs the Primary Market Advisory Committee and is involved in various expert panels aimed at improving ease of doing business and strengthening capital market regulations.
Given his vast experience and credibility, his appointment as interim chairman is seen as a stabilising move by HDFC Bank amid the ongoing leadership uncertainty. However, the focus will remain on addressing the ethical concerns raised by Chakraborty and ensuring transparency within the organisation. Though his tenure is limited to three months, Mistry is expected to guide the bank through this critical phase and ensure a smooth leadership transition.
