Who is Keki Mistry and why is making news?

HDFC Bank has surprised the financial world with a sudden change at the top. The bank, still settling into the years following its 2023 merger with HDFC Ltd, now has a new interim head.Atanu Chakraborty has stepped down with immediate effect, and Keki Mistry has been named interim chairman. Here’s more on the development. Chakraborty said his decision was personal, tied to his values and ethics. In a letter to the Chairman of Governance, Nomination, Remuneration Committee of the bank, Chakraborty is said to have mentioned, "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." The letter added, "I confirm that there are no other material reasons for my resignation other than those stated above," as reported by NDTV.The bank, however, made it clear that no formal issues were raised and that its governance and internal processes remain strong.Mistry is a veteran in India’s financial sector with over 40 years of experience. He began his career as a chartered accountant and joined HDFC Ltd in 1981. Over the years, he rose to become vice chairman and CEO, a position he held from 2010 until the merger in 2023.He has been instrumental in building the HDFC group and has played a role in setting up several major financial institutions. After the merger, he joined HDFC Bank’s board as a non-executive director in June 2023.The Reserve Bank of India has approved Mistry as interim part-time chairman for three months. His long experience and deep understanding of the bank make him the obvious choice to guide HDFC Bank during this period.Since taking charge, Mistry has reassured stakeholders that the bank is running smoothly. He clarified that Chakraborty’s resignation is not linked to performance or governance issues and said that minor differences are normal in large organizations.Thumb image: X