Manas Chakraborty & State Bank of India

Manas Chakraborty: She was promoted to Executive Director and will now oversee the Foreign Exchange and Financial Markets Regulation departments, a significant career advancement.

State Bank of India: The central bank made the appointment to fill a key leadership role, reinforcing its management structure.

Manas Chakraborty: Manas Chakraborty abruptly resigned as the chairman of HDFC Bank in March 2026, citing ethical concerns, which led to the search for a new chairman.

State Bank of India: The State Bank of India's approval is required for Rajiv Kumar's appointment as Part-time Chairman of HDFC Bank, highlighting its regulatory oversight in the banking sector.

Manas Chakraborty: Manas Chakraborty resigned as part-time Chairman of HDFC Bank, which he described as a routine matter. The State Bank of India confirmed no material concerns regarding the bank's governance following his resignation.

State Bank of India: The State Bank of India reopened the FCNR-B deposit window and allowed External Commercial Borrowing raisings, offering to bear hedging costs and exempting deposits from SLR and CRR requirements. These measures aim to strengthen foreign exchange reserves and support capital inflows into India.

Manas Chakraborty: Former chairman Manas Chakraborty resigned in March 2026 over governance concerns; his resignation preceded the board's action.

State Bank of India: RBI was informed of the board's findings and actions; potential divergence from RBI directions was cited as a reason for the penalties.

Manas Chakraborty: Manas Chakraborty resigned as the part-time chairman of HDFC Bank, citing ethical concerns over certain practices within the bank. His resignation was effective immediately.

Manas Chakraborty: Manas Chakraborty's abrupt resignation as chairman of HDFC Bank in March, citing 'incongruence' with his values, triggered a legal review and led to the appointment of Keki Mistry as interim chairman.