The HDFC Bank has well-established governance frameworks and continues to stay dedicated to sustaining excessive requirements of compliance and regulatory adherence, the assertion stated. File
| Photo Credit: Reuters
Days after the resignation of HDFC Bank chairman Atanu Chakraborty citing moral issues, the financial institution has terminated the companies of three workers for gaps in client onboarding at its Dubai International Financial Centre (DIFC) branch.
According to sources, HDFC Bank has fired three senior executives over the alleged mis-selling of Credit Suisse’s extra tier-1 (AT-1) bonds.
Following the allegations of mis-selling, the native regulator — Dubai Financial Services Authority — barred HDFC Bank from onboarding new clients at its DIFC branch final September.
When approached for a remark, the financial institution stated in a press release that it has recognized sure gaps in client-onboarding necessities at its DIFC branch in the United Arab Emirates (UAE) and accomplished an in depth and goal evaluation of the matter.
“Appropriate remedial actions have been taken in line with internal policies. Personnel changes have been undertaken along with appropriate action as per the bank’s conduct regulation,” it stated.
The HDFC Bank has well-established governance frameworks and continues to stay dedicated to sustaining excessive requirements of compliance and regulatory adherence, it added.
Mr. Chakraborty abruptly resigned because the chairman of the nation’s second-biggest lender, citing moral issues, efficient March 18.
This is the primary time {that a} part-time chairman of HDFC Bank left mid-way, elevating issues over the financial institution’s functioning.
“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision,” Mr. Chakraborty stated in his resignation letter dated March 17.
In the letter addressed to the chairman of the Goverance, Nomination, Remuneration Committee, H.Okay. Bhanwala, Mr. Chakraborty stated, “there are no other material reasons for my resignation other than those stated above”.
Mr. Chakraborty was appointed because the part-time chairman of the financial institution efficient May 5, 2021, nearly a 12 months after he retired because the financial affairs secretary.
His time period was prolonged for one other three years in 2024, until May 4, 2027.
Mr. Chakraborty, a 1985-batch IAS officer of the Gujarat cadre, retired because the secretary of the Department of Economic Affairs in April 2020. Prior to that, he was the secretary of the Department of Investment and Public Asset Management (DIPAM). Both departments are underneath the Finance Ministry.
Mr. Chakraborty turned the chairman in the course of the reverse merger technique of the financial institution with the dad or mum entity, HDFC Limited, a number one mortgage agency in the nation.
The merger of HDFC Limited with HDFC Bank turned efficient on July 1, 2023, making a monetary behemoth with a mixed stability sheet of greater than ₹18 lakh crore.
Published – March 21, 2026 11:08 pm IST