Daijiworld Media Network - Mumbai

Mumbai, Mar 27: The sudden resignation of Atanu Chakraborty as non-executive chairman of HDFC Bank has been linked to an internal power struggle with chief executive Sashidhar Jagdishan, according to sources familiar with the matter.

Chakraborty, who had been serving as chairman since 2021, stepped down abruptly last week, citing “ethical differences” in his resignation letter, triggering concerns over governance within one of India’s largest private lenders.

Sources indicated that the rift stemmed from disagreements over leadership and strategic direction, with tensions intensifying over the proposed extension of Jagdishan’s tenure. While Chakraborty was reportedly opposed to the renewal, a majority of the board is understood to have supported the CEO.

Differences between the two leaders are said to date back to earlier strategic decisions, including plans related to the bank’s subsidiary. A proposal to sell a minority stake in HDB Financial Services to Mitsubishi UFJ Financial Group in 2024 reportedly faced resistance from Chakraborty and was eventually dropped, with the business being listed later instead.

Industry insiders said the episode points to prolonged internal discord within the bank’s top leadership, though the institution continues to remain stable operationally.