No material concerns as regards conduct or governance of HDFC Bank, says RBI; Approves transition arrangement

A transition arrangement as requested by the Bank has been approved by Reserve Bank as regards the position of Part Time Chairman of the Bank, RBI said as the central bank took note of the recent developments in HDFC Bank. Atanu Chakraborty reportedly resigned as chairman of the country's second biggest lender citing ethical concerns. HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team, RBI stated. Basis our periodical assessment, there are no material concerns on record as regards its conduct or governance. The bank remains well-capitalized and the financial position of the bank remains satisfactory with sufficient liquidity. Reserve Bank will continue to engage with the Board and management on the way forward, the central bank noted.

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