New Delhi, March 19: The Reserve Bank of India (RBI) on Thursday said that HDFC Bank is a Domestic Systemically Important Bank (D-SIB) with sound financials, professionally run board and competent management team, after the resignation of part-time chairman Atanu Chakraborty over alleged “ethical differences” in one of the biggest private lenders.

The Central Bank said in a statement that it has taken note of the recent developments in HDFC Bank.

“A transition arrangement as requested by the Bank has been approved by Reserve Bank as regards the position of Part Time Chairman of the Bank,” said the RBI.

It added that basis its periodical assessment, “there are no material concerns on record as regards its conduct or governance”.

“The bank remains well-capitalised and the financial position of the bank remains satisfactory with sufficient liquidity. Reserve Bank will continue to engage with the Board and management on the way forward,” said the Central Bank in a statement.

Chakraborty had resigned citing differences with the lender over “values and ethics”.

The RBI approved the appointment of long-time group insider Keki Mistry as an interim part-time chairman for three months, effective March 19, the bank said in its exchange filing.

Mistry sought to reassure investors and analysts that there are “no major issues” at the bank following the sudden resignation of Chakraborty, even as the bank shares came under pressure.

Speaking on a conference call, Mistry said he would not have accepted the interim role if it did not align with his values and principles. “I would not have taken this responsibility at the age of 71 if it is not aligning to my values and principles,” Mistry said.

There was no power struggle in the bank as you put it, he said, adding that “there was nothing substantive”.

He further stated that the fact that RBI are comfortable with what is going on in the bank is reflected in the fact that, “within a short period of time, they approved my appointment for three months”.

Mumbai: Multiple ancestral properties linked to fugitive underworld don Dawood Ibrahim have found a prospective buyer in a recent government-mandated auction held on March 5, with a Mumbai-based bidder emerging as the highest bidder for all four agricultural land parcels in Ratnagiri district.

The properties were auctioned by the Centre under the  Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA), marking a significant step in the long-pending disposal of assets linked to the Kaskar family.

A notice issued by the competent authority under SAFEMA had listed four agricultural land parcels located in Mumbake village in Khed taluka of Ratnagiri, the native place of Dawood. Several of these properties were originally registered in the name of his mother, Amina Bi, officials said.  

Officials added that the Mumbai-based bidder, whose identity has not been formally disclosed, is required to complete the payment by early April 2026 in accordance with auction norms. The transaction will be subject to final confirmation by the competent authority, following which the forfeiture and disposal process for the Ratnagiri cluster is expected to be concluded. 

The March 5 auction follows an earlier attempt in November 2025 that failed to attract any bidders despite a reduction of nearly 30% in reserve prices. One of the key parcels, survey no. 442 (Hissa No.13-B) with a reserve price of Rs9.41 lakhs was auctioned for over Rs10 lakh, the highest bid. Two bidders participated for this property, including the Mumbai-based bidder who went on to secure all four parcels, and another bidder from Ratnagiri.

The remaining three agricultural land parcels, including survey nos. 533, 453 (Hissa No. 13-B), and 617 (Hissa No. 13-B), with reserve prices ranging from Rs15,440 to over Rs8 lakh, saw only one bidder, who went on to win the bids. Officials said all four properties belonging to the underworld don were auctioned off by SAFEMA.

The official confirmed these properties have been put up for auction multiple times over the past decade, including notable attempts in 2017, 2020, 2024 and 2025, many of which either saw poor participation or failed to attract bidders.

 Survey No. 442 and 453, being larger agricultural tracts, were part of earlier high-profile auction rounds but failed to sell at least two to three times due to lack of bidders. Survey 533, a smaller ancestral plot, also remained unsold in previous attempts due to limited interest. Survey 617, although small, saw erratic auction outcomes, including one instance of unusually high bidding, but has otherwise been part of repeated cycles.

 The four parcels form part of the Kaskar family’s ancestral holdings attached in the 1990s and later forfeited to the Centre under SAFEMA as part of action against assets linked to organised criminal activities, including those associated with the 1993 Mumbai blasts.

“Despite clear titles backed by the government, factors such as stigma and location have historically affected buyer participation,” an official said.

The latest auction also comes against the backdrop of earlier high-profile bids for Dawood-linked properties, particularly by Delhi-based lawyer Ajay Srivastava, who participated in multiple SAFEMA auctions in two decades.

Srivastava first drew attention in 2001 after successfully bidding for two industrial units in Nagpada. However, he later became embroiled in a prolonged legal dispute with heirs of Haseena Parkar and is yet to secure physical possession, with the matter pending before the Bombay High Court. 

He continued to participate in auctions, including the purchase of Ibrahim’s ancestral bungalow in Mumbake village in 2020, where he later set up a trust. In 2024, he drew attention after placing a bid worth Rs2.01 crore for a small agricultural plot (Survey 617) with a reserve price of just Rs15,440, though the bid was later cancelled due to non-payment, leading to a fresh auction this month.

Post Operation Sindoor, the biggest headache for Pakistan has been recruitments. Prior to the operation carried out by the Indian armed forces that took down terror infrastructure, recruitments into groups such as the Jaish-e-Mohammad and Lashkar-e-Tayiba were free flowing.

An Intelligence assessment says that recruitments have fallen by nearly 30 to 40 per cent. This has led to the ISI changing its strategy wherein, the recruitments are more driven by money rather than ideology.

This strategy remains the same when it comes to recruiting for Islamic groups such as the Jaish-e-Mohammad and Lashkar-e-Tayiba, the espionage network and also the Khalistan terror groups, an official said.

The ISI realised that ideology is not exactly a driving force any longer. The damage that Operation Sindoor has done to the morale of terror groups has automatically led to the recruitment drives falling sharply.

The ISI has, however, managed to find some success when it comes to drawing youth by luring them with money. What is interesting, the ISI is ready to recruit the youth irrespective of their religion, faith or caste.

The ISI’s handlers have been scouting for youth in large numbers and has been offering them huge sums of money.

The ISI is ready to spend anything in the range of Rs 10,000 to Rs 200,000 depending on the role that has been assigned to the one who is being recruited.

An Intelligence Bureau official said that the lure of money has been working to some extent for the ISI.

The target audience are students and those who are in need of money. However, an interesting aspect that has cropped up during the multiple investigations that are being carried out is that the ISI has managed to tap more into those who want to lead a high-profile lifestyle.

The traction for this strategy has caught on more for those wanting to better their lifestyle rather than those who are in need of money.

An Intelligence Bureau official says that the ISI has instructed its handlers and recruiters not to bother about the religion of the people they are recruiting. This means that a module or a network would have people from various faiths.

This ensures that these modules come lesser under the radar, the official added.

The ISI implemented the money over ideology strategy first for the Khalistan terror networks. It realised that the movement is not getting enough traction.

The ISI has been trying to exploit the drug problem that is rampant in Punjab. It is reaching out to the youth and offering large sums of money, so that they can pay to buy the drugs that flow into Punjab.

The Intelligence agencies warn that this recruitment drive is only going to get bigger. The target audience is huge and the ISI is recruiting people from all faiths to run the espionage network and also to provide logistic support to terror groups.

There is a particular concern at the border areas, where Pakistani elements are trying to dig out as much information as possible on the movement of troops and military installations.

In the major cities the recruitment drive is more focussed on roping in youth to provide logistic support for the terror groups. These youth are paid money to shoot videos of government offices, the buildings that house the judiciary, police stations, railway stations among others.

Another official said that in a nutshell, if one looks at the pattern, the ISI is clearly not aiming for an immediate strike.

It is biding time trying to build a pan-India network and also gather as much data as possible.

Currently the Pakistanis are busy with their war against the Afghan Taliban, Tehreek-e-Taliban Pakistan (TTP) and the Balochistan Liberation Army (BLA).

The Pakistan Army is getting assistance from terror groups such as the Islamic State Khorasan Province (ISKP), Jaish-e-Mohammad and Lashkar-e-Tayiba.

The strategy that the ISI has adopted for recruitments will not only revive the agency, but also all the other terror groups.

The ISI is hoping that by the time these groups revive, it would have a minefield of information and an army of recruits in India.

The Intelligence agencies have also advised the police to keep a close tab on influencers.

The Indian agencies had busted a huge network of spies, which comprised influencers with a large following.

The ISI would look to target them once again and then try and win a narrative battle against India, Intelligence Bureau officials say.