RBI Seeks Board Meeting Records From HDFC Bank After Chairman's Exit

The Reserve Bank of India has asked HDFC Bank to submit detailed records of recent board meetings following the resignation of chairman Atanu Chakraborty, according to sources cited by Moneycontrol.

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Regulator Seeks Meeting Records

The central bank has sought minutes, along with audio and video recordings, of the board meetings held on March 17 and March 18. It has also requested similar records of the Nomination and Remuneration Committee (NRC) meeting conducted on March 17, as per Moneycontrol.

Sources indicated that the request comes within days of Chakraborty stepping down from his position. The development follows internal differences that reportedly emerged during the NRC meeting.

Review Of Events Leading To Resignation

According to Moneycontrol, the RBI’s move is aimed at examining details shared earlier by Chakraborty with the regulator. He is understood to have met RBI officials earlier in the week.

Sources cited by the publication said the regulator may review whether concerns raised by Chakraborty were accurately recorded in official meeting minutes. The request for audio and video recordings is part of this verification process.

As per standard corporate governance norms, companies are typically given up to 14 days to compile board meeting minutes. It remains unclear whether the RBI has specified a timeline for submission of the requested documents, according to Moneycontrol.

Bank Initiates External Review

In a stock exchange filing dated March 24, HDFC Bank stated that it has appointed two external law firms, one domestic and one international, to review the contents of Chakraborty’s resignation letter.

Chakraborty, in his resignation communication to the board, stated that certain practices observed over the past two years were not aligned with his personal values and ethics, as reported by Moneycontrol.

Interim Leadership Appointment

Following the resignation, the bank appointed Keki Mistry as part-time interim chairman for a period of three months, according to the same filing.

Queries sent to both HDFC Bank and the Reserve Bank of India did not receive a response at the time of publication, as per Moneycontrol.

The regulator’s request for records marks a formal step to examine governance-related developments at the bank after the leadership change.