HDFC Bank Likely To Send Permanent Chairman Recommendation To RBI Soon

HDFC Bank is expected to recommend the name of its permanent chairman to the Reserve Bank of India (RBI) within the next 10–14 days, according to people familiar with the development. The move comes after the bank initiated a formal search process nearly two months ago to identify a long-term candidate for the key leadership position.

Sources said the country’s largest private sector lender has been conducting a series of back-to-back meetings with shortlisted candidates over recent weeks. The process is now believed to be in its final stages, with the bank narrowing its focus to a small pool of potential contenders. The appointment is considered crucial for ensuring long-term governance stability at the lender.

The incoming chairman is expected to play an important role in overseeing major strategic and governance decisions, including future considerations related to the re-appointment of Managing Director and CEO Sashidhar Jagdishan when his term comes up for review. The leadership transition is being closely watched by the financial sector, given the bank’s scale and systemic importance.

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Sources also indicated that the new chairman may examine findings from an external legal firm’s report related to governance matters within the bank before taking key decisions on the way forward. This review is expected to be part of a broader effort to strengthen oversight mechanisms and ensure compliance with regulatory expectations.

The development follows the re-appointment of Keki Mistry as interim chairman for a further 90-day period beginning June 18. However, sources noted that Mistry is not inclined to take on the role on a permanent basis, which has added urgency to the selection process. The bank has not issued an official comment on the ongoing search. The final recommendation, once made, will be submitted to the RBI for approval, marking a key step in formalising the leadership structure at one of India’s most influential financial institutions.

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