RBI approves transition plan after HDFC Bank chairman’s resignation

The Reserve Bank of India (RBI) said it has taken note of the recent developments in HDFC Bank, where its part-time chairman Atanu Chakrabort had resigned.

It said a transition arrangement as requested by the Bank has been approved as regards the position of part-time chairman of the Bank.

The RBI said HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, a professionally run board and competent management team.

“Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance. The bank remains well-capitalised and the financial position of the bank remains satisfactory with sufficient liquidity,” it said in a statement.

Reserve Bank will continue to engage with the Board and management on the way forward, it said.