'During the bank's board meeting, many directors asked him if there is a governance issue but he said there is none.'
Atanu Chakraborty has resigned as chairman of HDFC Bank, citing ethical concerns, marking an unusual departure and prompting the appointment of an interim chairman.
'My resignation is a larger governance and governance-plus kind of an issue, which the board of directors of the bank should be introspecting.'
The Financial Times, citing multiple bankers and shareholders, reports that the real tensions ran far deeper than compliance concerns.
HDFC Bank is engaging external legal firms, both domestic and international, to investigate the circumstances surrounding former part-time chairman Atanu Chakraborty's resignation.
HDFC Bank has launched an independent review by external law firms following the abrupt resignation of Chairman Atanu Chakraborty, who cited 'ethical concerns and practices within the bank' as the reason for his departure.
HDFC Bank's leadership addresses the sudden resignation of its chairman, citing ethical concerns, and attempts to reassure stakeholders about the bank's governance and future stability.
The Reserve Bank of India (RBI) has issued a statement assuring the public of HDFC Bank's stability and sound financial position following the resignation of its chairman, Atanu Chakraborty, citing ethical concerns.
Former HDFC Bank chairman Atanu Chakraborty cites misselling of AT-1 bonds and underperformance as key reasons for his resignation, dismissing personal differences as a major factor.
'Being an important institution in the banking system, we are subject to regulatory supervision, both offsite and onsite.' 'When you look at the intensity at which these levels of supervision come, we, on the board and in management, believe there should not be any surprises.'
Governance uncertainty and leadership visibility gap are likely to keep the stock under pressure in the near term, said Nomura in a report.
'When there is such an elaborate and a strong process, one would have expected anyone to either place the issues so that they can be addressed or go to the regulator and probably tell them rather than creating a kind of uncertainty for the stakeholders.
Reliance Industries cracked 4.42 per cent, while ITC, Kotak Mahindra Bank, InterGlobe Aviation, and HDFC Bank were also among the laggards. However, ICICI Bank, Sun Pharma, Hindustan Unilever, and State Bank of India were among the gainers.
A penalty of Rs 91 lakh has been imposed on HDFC Bank for violating certain provisions of the Banking Regulation Act, the Reserve Bank said on Friday. The penalty has been imposed on the private sector lender for deficiencies in statutory and regulatory compliance, including those related to Know Your Customer (KYC).
The controversy involves mis-selling Credit Suisse AT-I bonds to NRIs as fixed-maturity instruments, later written off after collapse.
HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre branch by the local regulator. HDFC Bank, India's largest private sector lender, said it has initiated the necessary steps to comply with the notice of the Dubai Financial Services Authority and added that it does not see any material impact from it.
Indian stock market indices Sensex and Nifty experienced a significant drop in early trade, reversing a three-day rally. The decline was triggered by a sharp increase in crude oil prices, weak global market trends, and continuous outflows of foreign funds.
Benchmark Sensex tumbled 1,236 points or 1.5 per cent while Nifty closed near 25,450 on Thursday following an across-the-board sell-off amid escalating geopolitical tensions between the US and Iran.
The country's largest private sector lender HDFC Bank does not see its use of artificial intelligence leading to any layoffs, a top company official has said.
Indian stock market benchmarks Sensex and Nifty rebounded by over 1% on Monday, driven by value-buying in banking stocks after a three-day slump. Key gainers included UltraTech Cement, HDFC Bank, and Mahindra & Mahindra.
Finance Minister Nirmala Sitharaman stated in the Lok Sabha that the Insolvency and Bankruptcy Code (IBC) has been a crucial factor in improving the health of India's banking sector, significantly aiding in the recovery of non-performing assets (NPAs).
A special CBI court in Mumbai has sentenced four individuals to imprisonment for their involvement in a 2012 case where the Bank of India suffered a loss of over Rs 3 crore due to a forged Letter of Credit.
The Haryana Police have launched 'Abhedya', a mobile application designed to curb cybercrime, extortion, and threatening calls. This initiative makes Haryana the first state in India to introduce such a measure, aiming to protect citizens from various forms of digital harassment.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
Indian equity markets experienced a volatile trading day, with the Sensex and Nifty closing almost flat. Market sentiment was influenced by global cues, US-Iran talks, and profit-booking activities.
Indian benchmark indices Sensex and Nifty experienced a sharp decline in early trading due to escalating tensions in the Middle East, driving crude oil prices higher. Global market bearishness and foreign fund outflows further contributed to investor unease.
The Bombay High Court has ruled that the Prevention of Money Laundering Act (PMLA) takes precedence over debt recovery laws like SARFAESI and RDB Acts when it comes to the attachment of proceeds of crime.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
Indian stock market indices Sensex and Nifty closed nearly 1 per cent higher, marking their third consecutive day of gains, supported by a slight decrease in crude oil prices and positive global market trends.
Indian banks are urging the Reserve Bank of India (RBI) to reconsider its new $100 million cap on net open foreign-exchange positions, warning that the directive could lead to significant mark-to-market (MTM) losses and force an accelerated unwinding of trades, potentially impacting FY26 earnings.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
HDFC Bank on Wednesday said its board in its meeting on July 19 will decide on issuing bonus shares and special interim dividend.
Among Sensex firms, Bharti Airtel, HCL Tech, UltraTech Cement, Power Grid, HDFC Bank, Bajaj Finance, Tata Steel and ICICI Bank were among the major gainers. However, Axis Bank, Tata Motors, Trent and Infosys were among the laggards.
A man in Uttar Pradesh's Chandauli district has been arrested for allegedly killing his younger brother due to a property dispute and ongoing financial tensions. The accused confessed to the crime, citing humiliation and a desire to control his brother's assets as motives.
From the Sensex pack, Asian Paints, UltraTech Cement, Tata Steel, ITC, HCL Tech, Kotak Mahindra Bank, Adani Ports, Tata Consultancy Services, HDFC Bank and Tech Mahindra were among the major laggards. However, Mahindra & Mahindra, Maruti, Bharat Electronics and Sun Pharma were among the gainers.
Indian stock market benchmark indices Sensex and Nifty experienced a significant decline, driven by escalating tensions in the Middle East and rising crude oil prices.
Benchmark indices tumbled about 2 per cent on Friday, capping one of the most turbulent weeks for domestic equities as investors fretted that the West Asian conflict could drag on for weeks or even months.
Among Sensex firms, Tata Motors, Mahindra & Mahindra, Bharat Electronics, UltraTech Cement, Trent, Sun Pharma, Power Grid and Reliance Industries were the major laggards. However, Titan, Infosys, Tata Consultancy Services, HCL Tech and Tech Mahindra were among the biggest gainers.
Google has unveiled the Pixel 10a in India and worldwide, expanding its Pixel series. The device can be pre-ordered through the brand's online store and an e-commerce platform, with sales starting next month.
Benchmark equity indices Sensex and Nifty extended their gains for the second straight session on Monday, driven by optimism over the India-US trade deal and robust buying in public sector banks, consumer durables, and realty stocks.
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