Overview
- Chakraborty, in TV interviews Monday, said his March 18 resignation was driven by a built‑up “incongruence” on values and ethics rather than a single event.
- He pointed to alleged mis‑selling of Credit Suisse additional tier‑1 bonds to non‑resident Indian clients in Dubai and Bahrain, which he said was treated as a “technical lapse” and addressed too late after DFSA curbs in September 2025; those high‑risk notes were written off in 2023.
- HDFC Bank disclosed on March 23 that it had terminated three senior executives after an internal probe into the AT1 sales, and it has hired outside law firms to review his letter.
- The Reserve Bank of India said March 19 it had no material governance concerns and approved Keki Mistry as interim chair, while the stock fell about 12–13% after the resignation before edging higher on Wednesday.
- He rejected talk of a power fight with CEO Sashidhar Jagdishan and instead flagged underperformance, including low low‑cost deposit ratios and a high cost‑to‑income ratio, as issues the board should address.