Atanu Chakraborty earned ₹1cr in FY26, HDFC's annual report reveals
What's the story
HDFC Bank's FY26 annual report has revealed the remuneration details of its former Part-time Chairman and Independent Director, Atanu Chakraborty. The report states that Chakraborty was paid a total of ₹1.07 crore during the financial year, excluding a provision for an official and personal use car till March 18, 2026. His remuneration included ₹59 lakh in sitting fees and ₹48.25 lakh as fixed salary.
Remuneration breakdown
Fixed salary approved by RBI
The report further clarified that the Reserve Bank of India (RBI) had approved a fixed salary of ₹50 lakh for the entire fiscal year. However, since Chakraborty resigned on March 18, 2026, he was paid ₹48.25 lakh proportionately. Along with his fixed salary, he also received ₹59 lakh in sitting fees for attending Board and Committee meetings during his tenure at HDFC Bank.
Board's response
Board expressed 'sincere appreciation' for Chakraborty
The annual report also highlighted the Board's "sincere appreciation" for the "wise counsel" provided by Chakraborty during his tenure with the bank. In his message to shareholders, CEO Sashidhar Jagdishan described Chakraborty's resignation as a "challenging event" for HDFC Bank. He said that after obtaining RBI approval, the Board swiftly appointed Keki Mistry as Interim Part-time Chairman and commissioned an independent legal review due to concerns raised in Chakraborty's resignation letter regarding governance standards at the bank.
Review findings
Findings of independent legal review
The independent legal review, conducted by domestic and international law firms under the supervision of a Special Committee of Independent Directors, examined Board minutes, communications and interviews over the two years leading up to Chakraborty's resignation. The findings were shared by HDFC Bank on June 26 and concluded that the statement in Chakraborty's resignation letter "were not substantiated by the record reviewed and witness interviews."
Governance assurance
HDFC Bank committed to transparency, accountability: Mistry
In a separate message to THE shareholders, Interim Chairman Keki Mistry said Chakraborty's resignation had led to THE speculation over the bank's governance standards. He reiterated that HDFC Bank remains "strongly rooted in strong corporate governance principles and values." Mistry also reaffirmed the bank's commitment to transparency, accountability and oversight.