The Reserve Bank of India (RBI) has not come across any governance or conduct-related issues during supervisory inspection of HDFC Bank, Governor Sanjay Malhotra reiterated on Wednesday.

Replying to a media query at the post-monetary policy press conference on sudden resignation of HDFC Bank Chairman Atanu Chakraborty and subsequent fall in its share price, Malhotra said the RBI had also seen minutes of meetings of the lender and did not find anything of material concern.

The developments at HDFC Bank do not pose any systemic risk to the banking sector.

Malhotra said India's banking system is "very resilient, safe, and strong". 

Chakraborty had resigned on 18 March citing ‘ethical and governance concerns’. 

Separately, the RBI has proposed revised guidelines for bank boards, emphasizing that they should lay greater focus on policy matters over day-to-day operations.

As per the draft rules, the bank boards would be responsible for overseeing risk management systems, strategy and key policies as well as monitoring exposure to related entities and investments in subsidiaries.

"The ultimate responsibility for the bank's performance, conduct and control rests ⁠with the board," the central bank said.

Some matters, however, may be delegated to sub-committees or senior management.

According to the draft guidelines, boards must ensure adherence to corporate governance standards and clearly define matters requiring their approval or periodic review.

The RBI has sought public comments on the draft guidelines by 7 May.