RBI
HDFC Bank Chairman Atanu Chakraborty Resigns Citing Values and Ethics Conflict
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HDFC Bank's part-time chairman Atanu Chakraborty has resigned, citing internal practices that conflicted with his personal values and ethics. The Reserve Bank of India has approved Keki Mistry as interim chairman for three months. The departure follows Chakraborty's oversight of the major HDFC Bank-HDFC merger.
India's banking system liquidity surplus has narrowed to ₹75,483 crore amid advance tax outflows of Rs 2 lakh crore and forex market interventions. Money market rates rose as a result, leading the Reserve Bank of India to conduct a repo operation. Economists estimate the RBI sold over $15 billion to support the rupee.
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Following the RBI's February decision to maintain rates at 5.25%, Governor Sanjay Malhotra reiterated that policy rates are likely to remain at current levels or decrease for an extended period. He cited benign inflation and low underlying inflation expectations but cautioned on risks and global uncertainties influencing growth-inflation dynamics.