Chakraborty, a career bureaucrat who quit flagging concerns on ethics and governance towards the end of the fiscal, earned Rs 1,07,25,269 in sitting fees and remuneration in FY26, as per the annual report of the bank for the fiscal year.
Also Read: HDFC Bank MD: Chakraborty’s abrupt exit a ‘challenging event’ that raised governance questions
This was higher than the Rs 1,03,58,871 earned in FY25, as per the annual report for the previous fiscal.
The FY26 annual report mentioned that as a parttime chairman and independent director of the bank, he was entitled to a fixed remuneration of Rs 50 lakh for FY26, and the same was approved by the RBI as well.
“Since Chakraborty resigned as part-time chairman and independent director of the bank with effect from March 18, 2026, such fixed remuneration was paid to him on a proportionate basis. In addition, Mr. Chakraborty was paid sitting fees for attending the Board and Committee meetings and provision of a car for official and personal use up to the date of cessation of his office i.e. March 18, 2026,” the annual report said.
He attended all the 17 board meetings that took place till he was the part-time chairman of the bank, the report said.DFC Bank MD and CEO Sashidhar Jagdishan on Saturday said abrupt resignation of part-time chairman Atanu Chakraborty was a challenging event and it led to questions about governance standards at the bank.
Also Read: HDFC Bank chair quits, cites conflict over ‘values and ethics’
Chakraborty resigned as a part-time chairman of the country’s biggest private sector lender on March 18, more than a year before his term came to an end, citing ethical concerns.
This is the first time a part-time chairman of HDFC Bank has left midway, raising concerns about its functioning.
“Towards the end of the Financial Year 2025- 26, the bank faced a challenging event with the resignation of Atanu Chakraborty, part-time chairman and independent director of the bank, on March 18, 2026,” Jagdishan said in the annual report of the bank released on Saturday.
The statement mentioned in Chakraborty’s resignation letter led to questions about governance standards at the bank, he said.
To reinforce the robust governance standards of the bank, he said, the board of directors of the bank took the proactive step of appointing external law firms to conduct a review regarding the statement made by Chakraborty in his resignation letter.
Since the ADRs of the Bank are listed on NYSE, the board considered it prudent to engage both domestic and international law firms for the purpose of this review, he said.
The bank, on June 26, 2026, shared the findings of the external law firms, which, in essence, were that Chakraborty’s statement in his resignation letter and its implications were not substantiated by the record reviewed and witness interviews, he said.