Now Reading: HDFC Bank chairman says no systemic governance concerns, months after predecessor’s resignation
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HDFC Bank chairman says no systemic governance concerns, months after predecessor’s resignation
HDFC Bank chairman says no systemic governance concerns, months after predecessor’s resignation
NDTV Profit reported that HDFC Bank chairman Rajiv Kumar told the bank's annual general meeting that its internal controls remain robust and that there are no governance concerns at a systemic level,…
NDTV Profit reported that HDFC Bank chairman Rajiv Kumar told the bank's annual general meeting that its internal controls remain robust and that there are no governance concerns at a systemic level, though large banks inevitably face issues from time to time that must be resolved promptly. His remarks came months after former chairman Atanu Chakraborty resigned in March citing practices he said were not in congruence with his personal values. Separately, chief executive Sashidhar Jagdishan said the bank was well placed to handle US lawsuits after several American law firms began investigating whether HDFC Bank had made misleading disclosures to investors. The bank's first-quarter net profit for the 2027 financial year rose 5% year-on-year to Rs 19,059 crore, though gross and net non-performing assets both rose slightly from the previous quarter.
Indian Opinion Analysis
Kumar's statement is the chairman's own assessment rather than a regulator's or auditor's finding, and it does not close the question Chakraborty's resignation raised. Set against it in the same report are the US law firms' investigations into whether HDFC Bank made materially misleading statements, and asset quality that worsened sequentially, with gross NPAs at 1.17% from 1.15% and net NPAs at 0.41% from 0.38%. The bank's next quarterly results are where that trend either continues or turns.
Source: www.ndtvprofit.com
This brief was synthesised by AI from the source linked above.
