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South Indian Bank has appointed Jose Joseph Kattoor as the non-executive part-time chairman (independent director) effective March 23, 2026, for a term of three years. Kattoor served the central bank from 1991 until his retirement in 2023 as executive director. During his stint as the executive director he led several important departments, including enforcement, corporate strategy, currency management and human resources.

But then Emily showed me the spreadsheet where she has tracked their energy use, measured in kilowatt hours (kWh). In a recent year before the heat pump installation, the house consumed a total of 28,000 kWh, which would mostly have been gas heating. In the latest year, they used just 10,000, despite having had some adult children move home in that time. In other words, they’ve cut their energy use by almost two-thirds.

HDFC Bank will convene board meetings to review past decisions following Atanu Chakraborty‘s resignation as chairman citing “values and ethics”, MD & CEO Sashidhar Jagdishan told ET in an interview. The bank will fix gaps, tighten controls and act “ruthlessly” against misconduct. Edited excerpts:

How do you assess the damage due to this episode?

It’s not that we are facing this for the first time. We will have to convert this threat into an opportunity. In the past we knew the areas to be remediated and fixed. This case is like fighting a ghost. We had never anticipated this in the five and a half years where Atanu Chakraborty was at the helm. On March 18, when we confronted the issue of his resignation, we saw these two contentious lines. We said that we have a well-established process which you have instituted so intensely. If you have concerns, put it there and we collectively address it. To which he said, I do not have any to share. If you do not have any to share, then you please remove the lines. To which he was steadfast and he refused to budge. That is where it stands.

Over the years, has he ever raised any of these ethics and values issues for discussion?
No, he did not. (Under) the system, wherein all of us comment, there are no issues which can be stratified into ethics or personal values. There may be some errors, which have been addressed. Is there a complete agreement in terms of addressing these issues? Absolutely. Is there a difference in the proportionality of the action? Yes, some of us feel a response is fair, others feel it is harsh or too lenient. But trust me, there is nothing which is not addressed.

Also Read: HDFC Bank: What exactly was it? Atanu Chakrabarty’s shock exit baffles global investors

What is your understanding about why he did what he did?
I wish I had known. I wish the board knew. The very next day, on the 19th, Chakraborty said in a conversation that his resignation was routine in nature and that there is no wrongdoing in the bank’s operations. So, he seemed to have retracted his position-probably thinking he had done something he should not have. Unfortunately, the damage was already created and we have to confront it. Our performance will speak for itself. It’s possible he may come out with new issues. I’m sure there is nothing new, because many of these are already addressed or are being addressed. If something extremely new arises, we will take it up. Will there be differences in views between you and me? Absolutely. This is not a governance issue.
Were there differences between him and the management over the years?
Yes, and I am not apologetic about it because if you want to have good governance, you cannot be in a yes-sir mode. You must have views. We are a democratic organisation. If we collectively strongly believe that there are certain things which are not right, I will speak up. We have always had a lot of constructive discussions. It is something that, if at all, I have been more at the receiving end rather than the one which is giving from the other side.

Also Read: HDFC Bank to review decisions, ensure full transparency: CEO, Sashidhar Jagdishan

Following this development, shareholders have lost money. Will you be seeking any legal remedy?
This event has caused a lot of angst within the company, board, shareholders, more so the retail shareholders. I am not a legal expert, but as we speak, we are engaged with one to examine all possibilities. The company has a certain process and that will take its course.

How do you plan to remedy the situation?
We will convene multiple board meetings over the next month to get the views of all directors on decisions taken over time. We will re-examine them, evaluate the action points and see where we need to improve. This issue was not of our making; it was thrust upon us. We will take stock of past matters and address all issues-existing or new-without hiding anything. If these are operational issues, we will tighten design and controls. If these are conduct issues, we will be ruthless. I acknowledge that an institution of this size will have issues, but we have robust systems to address them. Even if, hypothetically, he (Atanu Chakraborty) raises a fresh issue that isn’t visible to us today but was visible to him, we will address it.

Also Read: HDFC Bank sacks 3 senior executives over Credit Suisse AT1 bond mis-selling allegations

Will you be offering yourself as CEO for a third term when your second ends in October this year?
I am able and willing, but I would prefer the board to complete the process and decide. I’m not the decision maker here.

Can you tell us what went wrong with the Dubai operations? You have acted against a few employees.
HDFC Bank operates in the Middle East through branches in Dubai and Bahrain-customer engagement typically happens in Dubai, while transactions are booked in Bahrain. This model had been followed for years. In June 2023, the Dubai Financial Services Authority clarified that clients who are continuously engaged in Dubai must also be onboarded there, even if accounts are booked in Bahrain. The issue surfaced after losses on Credit Suisse AT1 bonds, when some investors raised concerns about onboarding gaps. Our assessment is that this was a technical lapse in documentation and regulatory interpretation-not fraud or mis-selling. We initiated an internal review and took staff accountability actions through our disciplinary and board-level committees, with a right to appeal. There is no fraud, no misappropriation, and no integrity issue that has surfaced so far.

How do you see the synergies of the merger between HDFC and HDFC Bank?
I believe the merger is the best thing that could have happened. The housing industry will drive growth over the next few years. For an institution of this scale and distribution, if we didn’t manufacture home loans, we would have missed a massive runway opportunity. Presently we penetrate about 4-5% of our customers with home loans. Over the next 5-10 years, that could be 8-10%, which itself will be massive. Once you start the customer’s primary banking relationship with us, the impact becomes very significant over time. The entire management recognises we’ve gone through a lot of pain because we took on assets but no deposits. Building deposits to substitute borrowings that are running down isn’t easy, especially in a liquidity environment that has been extremely tight since July 2023. Some investors know the engine has to slow temporarily. They’ve said, ‘We’ve stayed with them through this; let’s step aside, invest elsewhere for quick returns, and come back when the visibility on what’s committed improves.’

You have talked about restructuring the organisation. Can you tell us more?
We review the leadership and organisation structure periodically; it’s time for a refresh. But these are all simple business-as-usual, tactical strategies, which energise the organisation periodically.

What is that one message that you want to convey to the shareholders as well as the depositors?
Our values, ethos and governance principles remain intact. The institution is financially strong. Day-to-day issues-whether errors and omissions or conduct-are addressed promptly and appropriately. The future is bright, we’re well positioned post-merger, and we’re very positive on India compared with parts of the world facing turmoil. The economy is in a better place, and we’re best positioned to capture the opportunities over the next couple of years.