India’s largest private sector lender, HDFC Bank, is likely to appoint a new chairman as early as June, as the current interim chairman Keki Mistry approaches the end of his tenure. According to sources familiar with the matter, Mistry’s extension is now considered unlikely, signalling an imminent leadership transition at the top of the bank’s board. The development comes amid ongoing discussions on governance and succession planning within the institution.

Mistry was initially appointed on a stop-gap basis to maintain leadership continuity following recent changes in the board structure. His role was meant to provide stability during a sensitive transition period for the bank, which has been adjusting its governance framework. However, internal assessments now suggest that the bank is moving towards a more permanent and restructured leadership arrangement rather than extending his interim term.

The bank is currently engaged in discussions with the Reserve Bank of India (RBI) regarding board restructuring and the broader succession framework. Sources indicate that the central bank has been closely monitoring the situation, with senior RBI officials holding regular meetings with HDFC Bank board members every two to three weeks. These interactions are aimed at ensuring compliance with governance norms and a smooth transition at the leadership level.

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Earlier in April, HDFC Bank Managing Director and CEO Sashidhar Jagdishan had indicated that the board was supportive of Keki Mistry potentially taking over as full-time chairman after the abrupt resignation of Atanu Chakraborty. However, the situation has evolved since then, with fresh consultations and regulatory discussions prompting the bank to reassess its succession strategy. The earlier preference for continuity has now expanded into a wider search for leadership options.

At present, the bank is evaluating multiple possibilities, including promoting a senior internal board member or appointing an external candidate with strong governance and banking experience. Sources say that regulatory feedback from the RBI will play a crucial role in shaping the final decision. The bank is aiming to balance continuity with regulatory expectations while ensuring strong leadership at the top.

An external legal firm’s report, expected within the next two weeks, is also likely to be a key factor in determining the final board structure and succession path. This report is expected to provide guidance on governance alignment and compliance considerations. Given HDFC Bank’s importance as a systemically significant financial institution, the leadership transition is being closely watched by regulators, investors, and the broader banking sector.

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