HDFC Bank’s FY26 report addresses the resignation of former Chairman Atanu Chakraborty and appoints Rajiv Kumar as successor, pending RBI approval. The lender reported a 7.4% rise in net profit to ₹76,025.97 crore, while advancing its AI-driven banking services.
HDFC Bank has provided formal insights into the unexpected departure of its former Part-time Chairman, Atanu Chakraborty, in its recently released FY26 annual report. Managing Director and CEO Sashidhar Jagdishan described the event as a challenging period for the institution. Following the resignation on March 18, 2026, the bank appointed Keki Mistry as the interim Part-time Chairman, a move that received approval from the Reserve Bank of India (RBI).
To address the circumstances of the resignation, the bank commissioned a review by legal firms Wilson Sonsini Goodrich & Rosati and Wadia Ghandy. The review, concluded in June 2026, examined claims made by the former chairman regarding practices at the bank that he stated were inconsistent with his personal values. The legal findings suggested that available evidence did not align with the reasons provided in his resignation letter.
Looking toward the future, the bank has nominated Rajiv Kumar, former Finance Secretary and Chief Election Commissioner, to serve as the new Part-time, Non-Executive Chairman for a three-year term. This appointment is currently subject to final regulatory clearance from the RBI.
Financial performance remained a core theme in the annual report, with the bank posting a consolidated net profit of ₹76,025.97 crore for the financial year ending 2026, up from ₹70,792.25 crore in the previous fiscal year. Beyond the financials, the bank is actively integrating artificial intelligence into its operations. The bank is utilizing its in-house AI foundation, 'Neev,' to streamline trade systems and automate document extraction. According to the bank, these initiatives have significantly improved the efficiency of loan processing, with pre-approved limits now accessible through digital channels, reportedly reducing eligibility verification efforts by nearly half.
Recent exchange filings indicate that the bank’s momentum has continued into the current fiscal year. For the quarter ended June 30, 2026, average advances under management reached ₹30.39 lakh crore, representing a 10.8% increase compared to the same period in 2025. Investors are now looking ahead to the formal release of the June quarter financial results, scheduled for July 18, 2026. Additionally, the bank’s Governance, Nomination and Remuneration Committee is expected to deliberate on the potential third term for MD and CEO Sashidhar Jagdishan, whose current tenure is set to conclude in October 2026.