HDFC Bank’s part-time chairman and independent director Atanu Chakraborty has stepped down with immediate effect, citing ethical concerns in his resignation letter. Chakraborty stated that ‘certain happenings and practices within the bank that I have observed over the last two years are not in confluence with my personal values and ethics’. The RBI swiftly approved the appointment of KK Mistry as interim chairman for three months. HDFC Bank later clarified it was unaware of specifics on the issues cited, stating no material matters or operational issues have been seen. The bank emphasised it remains focused on its long-term legacy and continues to work as a cohesive unit with no power struggle. Chakraborty’s tenure saw major events including the merger of HDFC with HDFC Bank and the listing of HDB Financial Services. Meanwhile, the US Federal Reserve held interest rates steady between 3.5% to 3.75%, with Chairman Jerome Powell warning that the ongoing Iran conflict and rising energy prices could push inflation higher. Gold fell below 5,000 dollars on COMEX, whilst crude oil zoomed past 110 dollars per barrel.
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