Twelve days after his abrupt exit, former HDFC Bank chairman Atanu Chakraborty said governance gaps and delayed action on conduct issues were at the heart of his resignation, warning, “we should not dig wells after there is fire.” In an interview with CNBC-TV18, he pointed to long-running issues, including customer onboarding lapses in Dubai that had drawn regulatory scrutiny since 2018, saying such matters should be “nipped in the bud” rather than addressed post-facto.
Chakraborty said while the bank termed the lapses “technical”, the impact on customers and reputational risk could not be overlooked. He also flagged underperformance in share price and efficiency metrics, noting governance and shareholder value are core to an independent director’s role. His exit has unsettled investors, with the stock down about 13%, even as the RBI has said it sees no material concerns.
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First Published: Mar 30, 2026 5:27 PM IST
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