HDFC Bank CEO race: 2 names sent to RBI, Kaizad Bharucha among candidates: Sources

Following Sashidhar Jagdishan’s decision not to seek re-appointment as HDFC Bank’s managing director and CEO, the bank’s board has submitted two names, in order of preference, to the Reserve Bank of India (RBI) for the three-year MD & CEO position, subject to the regulator’s approval.

Sources said HDFC Bank has shortlisted two candidates for the top job — one internal and one external. Kaizad M Bharucha, deputy managing director of HDFC Bank, is among the two names, while the external candidate is a top private banker.

The proposal, approved by the bank’s board on September 12, along with the remuneration proposed for the candidates, has now been sent to the RBI for approval.

The move comes alongside a wider reshuffle of the bank’s senior leadership and board structure.

HDFC Bank has proposed the appointment of Jimmy Tata as a whole-time director, designated as executive director, for three years, subject to RBI approval. Tata has been associated with HDFC Bank since 1994 and currently serves as its chief credit officer. He was appointed chief risk officer in 2013 after heading the corporate banking department.

The bank has also proposed the reappointment of V. Srinivasa Rangan as whole-time director, or executive director, from November 23, 2026 to November 22, 2027. Rangan currently oversees human resources, corporate legal, group oversight and secretarial functions, along with investment banking, information security, ethics, and fraud and vigilance.

HDFC Bank to add another whole-time director

As part of the proposed changes, HDFC Bank’s board has also approved the creation of one additional whole-time director position, taking the total number of whole-time directors to four, besides the MD & CEO.

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The bank said the additional position is aimed at creating sharper synergy and oversight, including across its subsidiaries, while also building a larger pipeline for succession planning. The position will be filled in consultation with the new MD & CEO after the person takes charge.

The appointments remain subject to the requisite regulatory approvals, with HDFC Bank saying further disclosures will be made after those approvals are received.