'During the bank's board meeting, many directors asked him if there is a governance issue but he said there is none.'
'My resignation is a larger governance and governance-plus kind of an issue, which the board of directors of the bank should be introspecting.'
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.
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.
'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.
The controversy involves mis-selling Credit Suisse AT-I bonds to NRIs as fixed-maturity instruments, later written off after collapse.
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).
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
