Atanu Chakraborty's Pay Soars to ₹1.07 Cr as HDFC Bank Confronts Governance Questions
HDFC Bank’s former ex-chairman and bureaucrat, Atanu Chakraborty, saw his overall earnings rise by 3.53 per cent in the financial year 2026. The country's largest private sector lender disclosed the details on Saturday in its annual report for FY26.Chakraborty earned a total of ₹1,07,25,269 in sitting fees and remuneration from the bank during the fiscal period. This figure is an increase compared to the earnings of ₹1,03,58,871 he received in the previous financial year (FY25).
Chakraborty's Earnings Grow as HDFC Bank Releases FY26 Report
The FY26 annual report detailed that Chakraborty was entitled a fixed remuneration of ₹50 lakh for his role. This payment was approved by the Reserve Bank of India (RBI).The bank noted that since his resignation, the fixed remuneration was paid in a proportionate manner. Additionally, he received sitting fees for attending Board and Committee meetings. He also received provision of a car for official and personal use until March 18, 2026.
Chakraborty attended all 17 Board meetings held while he served as part-time chairman at the financial institution.
Governance Concerns Plague HDFC Bank Following Chairman's Exit
The bank’s MD and CEO, Sashidhar Jagdishan, addressed the situation in the annual report released on Saturday. He described the abrupt resignation of Chakraborty as a "challenging event."The statement also noted that his exit led to questions regarding governance standards within the institution. Chakraborty had resigned as part-time chairman and independent director on March 18, citing ethical concerns at the end of the fiscal year.
This resignation marked the first instance where a part-time chairman of HDFC Bank exited mid-term, generating significant scrutiny over the bank’s operational functioning.
External Review Concludes Chakraborty's Allegations Unsubstantiated
The board of directors reacted to the resignation by proactively appointing external law firms for a comprehensive review. To maintain robust governance standards, they engaged both domestic and international law expertise since the bank’s ADRs are listed on the NYSE.On June 26, 2026, the bank shared the findings from these external law firms. The review concluded that Chakraborty's statement made in his resignation letter was not substantiated by the reviewed record and witness interviews.
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