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What is the story about?
Private sector lender HDFC Bank is likely to appoint its new chairman within the next seven to 10 days, according to the sources. The bank's nomination and remuneration committee (NRC) will recommend three names, in order of priority, to the bank's board, which will take the final decision.
The bank is considering five candidates for the post of chairman. The probables, as we reported earlier, include a recently retired RBI Deputy Governor, a former public-sector banker, a former bureaucrat, a former India head of a multinational company, and a tech veteran. "They (NRC) are still meeting (probables) informally. They will shortlist 3 and recommend a rank order," sources told CNBC-TV18.
The bank's board is currently headed by an interim chairman — financial services veteran Keki Mistry, whose term was extended last week till a "further period of 3 (three) months until September 18, 2026 or till the appointment of a regular Part-time Chairman, whichever is earlier."
The CEO's reappointment will follow this up and is expected by the first fortnight of July. Sources tell CNBC-TV18 that the bank's incumbent CEO, Sashidar Jagadhisan, is likely to get an extension. Jagadishan's current term is ending in late October 2026.
"It is likely going to be a just-in-time sort of appointment. The law firms have already given a clean chit. Now the board will wait and take a new chairman on board for the CEO reappointment," sources said further.
The bank had onboarded Wilson Sonsini Goodrich & Rosati, P.C. ("Wilson Sonsini") and Wadia Ghandy & Co for an independent review after the bank's former chairman, Atanu Chakraborty, abruptly resigned in March 2021, citing ethical concerns.
RBI guidelines require the bank to either reappoint the incumbent CEO or appoint a new CEO at least 6 months before the incumbent's term ends. As things stand right now, Jagadhishan's term is getting over in less than four months — on October 26, 2026.
CNBC-TV18 has reached out to the bank with questions. The responses are awaited.
Read more: Jio Platforms IPO: Why Meta and Alphabet aren’t cashing out in India’s biggest IPO
The bank is considering five candidates for the post of chairman. The probables, as we reported earlier, include a recently retired RBI Deputy Governor, a former public-sector banker, a former bureaucrat, a former India head of a multinational company, and a tech veteran. "They (NRC) are still meeting (probables) informally. They will shortlist 3 and recommend a rank order," sources told CNBC-TV18.
The bank's board is currently headed by an interim chairman — financial services veteran Keki Mistry, whose term was extended last week till a "further period of 3 (three) months until September 18, 2026 or till the appointment of a regular Part-time Chairman, whichever is earlier."
The CEO's reappointment will follow this up and is expected by the first fortnight of July. Sources tell CNBC-TV18 that the bank's incumbent CEO, Sashidar Jagadhisan, is likely to get an extension. Jagadishan's current term is ending in late October 2026.
"It is likely going to be a just-in-time sort of appointment. The law firms have already given a clean chit. Now the board will wait and take a new chairman on board for the CEO reappointment," sources said further.
The bank had onboarded Wilson Sonsini Goodrich & Rosati, P.C. ("Wilson Sonsini") and Wadia Ghandy & Co for an independent review after the bank's former chairman, Atanu Chakraborty, abruptly resigned in March 2021, citing ethical concerns.
RBI guidelines require the bank to either reappoint the incumbent CEO or appoint a new CEO at least 6 months before the incumbent's term ends. As things stand right now, Jagadhishan's term is getting over in less than four months — on October 26, 2026.
CNBC-TV18 has reached out to the bank with questions. The responses are awaited.
Read more: Jio Platforms IPO: Why Meta and Alphabet aren’t cashing out in India’s biggest IPO
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