Mumbai, March 19 (NationPress) — Following the Reserve Bank of India's (RBI) endorsement of seasoned banker Keki Mistry as the interim part-time Chairman of HDFC Bank for three months starting March 19, the bank organized a conference call with analysts. In this session, Mistry expressed that he embraced this position as it resonates with his personal values and principles.

"At the age of 71, I would not have accepted this responsibility if it didn't align with my values and principles," he remarked.

He elaborated that the circumstances leading to his appointment unfolded swiftly after the resignation of Atanu Chakraborty, with several board members meeting with the RBI shortly thereafter.

"The developments occurred on very short notice. Following the Board meeting and the resignation, some directors engaged with the RBI," Mistry noted.

He further mentioned that the central bank's prompt approval signifies its assurance regarding the bank's situation.

"The fact that the RBI sanctioned my appointment in a short timeframe indicates their comfort with the bank's circumstances," he stated.

In the meantime, the RBI announced on Thursday that there are no major concerns regarding HDFC Bank's operations or governance following Chakraborty's resignation due to ethical disagreements.

The RBI emphasized that the bank remains well-capitalized and maintains a satisfactory financial standing.

"The Reserve Bank has acknowledged the recent developments at HDFC Bank. A transition plan requested by the bank has been approved by the RBI concerning the role of part-time Chairman," the central bank stated.

It further highlighted that HDFC Bank, recognized as a Domestic Systemically Important Bank (D-SIB), possesses robust financials and is overseen by a professionally managed Board along with a skilled management team.

In its filing, HDFC Bank clarified that there were no underlying issues regarding Chakraborty's resignation apart from what was mentioned in his letter. It also noted that he does not hold any directorship in other companies.

The Board conveyed its gratitude for Chakraborty’s contributions during his tenure and wished him success in his future pursuits.

Chakraborty, who joined the Board in May 2021, stepped down, indicating that certain developments and practices within the bank over the past two years did not resonate with his personal values and ethical standards.

HDFC Bank's shares saw a decline of up to 8.41 percent, reaching an intraday low of Rs 772 on the BSE. By 11:28 am, the banking stock was trading at Rs 804, down 4.57 percent on the exchange.