HDFC Bank likely to name new chairman within 7-10 days
What's the story
HDFC Bank is expected to finalize a new chairman within the next seven to 10 days, according to CNBC-TV18. The bank's nomination and remuneration committee (NRC) will recommend three names, in order of priority, to the board for final approval. Currently, an interim chairman, Keki Mistry, is at the helm after Atanu Chakraborty's sudden resignation over ethical concerns in March.
Candidate selection
Candidates include recently retired RBI Deputy Governor
The bank is said to be considering five candidates for the top post. These include a recently retired RBI Deputy Governor, a former public-sector banker, a former bureaucrat, the ex-India head of a multinational company, and a tech veteran. The NRC is still meeting these candidates informally before shortlisting three in rank order for final consideration by the board.
Reappointment schedule
Mistry's term extended until September
Mistry's term as interim chairman has been extended until September 18, 2026, or until a regular part-time chairman is appointed. The bank will next focus on reappointing its CEO, Sashidar Jagadhisan. His current term ends in late October 2026. Jagadhisan is likely to get an extension as well, CNBC-TV18 reports.
Legal review
HDFC Bank engaged Wilson Sonsini for independent review
HDFC Bank had engaged Wilson Sonsini Goodrich & Rosati, P.C. ("Wilson Sonsini") and Wadia Ghandy & Co for an independent review after Chakraborty's abrupt resignation. The Reserve Bank of India (RBI) mandates that banks must either reappoint the current CEO or appoint a new one at least six months before the end of their term. Jagadhisan's term is ending in less than four months, on October 26, 2026.