HDFC Bank’s part-time chairman and independent director, Atanu Chakraborty, has resigned from his position with immediate effect on March 18, the lender said in a statement.

The Reserve Bank of India has granted the bank’s request to appoint Keki Mistry as the interim part-time chairman, effective from March 19, for a period of three months.

In his letter, Chakraborty said he did not agree with certain happenings and practices within the bank in the last two years and therefore decided to step down.

“Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.

“This is the basis of my aforementioned decision. I confirm that there are no other material reasons for my resignation other than those stated above,” he said in his resignation letter.

Moreover, Chakrabortypointed out that the full benefits of HDFC Bank’s merger with HDFC Ltd are yet to fully fructify.

“I joined the board of HDFC Bank in May 2021. My tenure on the board saw momentous events like the merger of the bank with HDFC Ltd, which created a conglomerate under the bank.

“This strategic initiative made HDFC Bank the second largest bank in the country. Though the benefits of the merger are yet to fully fructify,” he said in the letter.

The bank said its board of directors placed their appreciation on record for Chakraborty’s contribution during his tenure.

The private lender also claimed that there were no other reasons apart from those mentioned in the resignation letter.

“We confirm that there are no reasons other than those mentioned in the said letter for the resignation. Further, Chakraborty does not hold directorship in any other company,” the bank’s statement said.