HDFC Bank’s Board of Directors has approved the process for selecting its next Managing Director and Chief Executive Officer, with the final appointment subject to approval from the Reserve Bank of India (RBI).
The bank said in an exchange filing that it will submit the names of two shortlisted candidates in order of preference along with the proposed remuneration details to the RBI. The appointment will be for a three-year term, subject to regulatory approval.
HDFC Bank begins leadership transition process
The decision was taken based on recommendations from the Governance, Nomination and Remuneration Committee and in accordance with the Banking Regulation Act, 1949, along with the RBI’s Commercial Banks Governance Directions, 2025.
The proposal will now be placed before the central bank for consideration. The move comes as HDFC Bank prepares for a leadership transition ahead of the retirement of its current MD and CEO Sashidhar Jagdishan on October 26.
The bank has initiated the succession process to ensure a smooth change in leadership at one of India’s largest private sector lenders.
Board approves executive director appointments
Along with the CEO selection process, HDFC Bank’s board also approved the reappointment of V Srinivasa Rangan as a whole-time director, designated as Executive Director. His new term will run from November 23, 2026, to November 22, 2027, along with the approved remuneration.
The board also cleared the appointment of Jimmy Tata as a whole-time director, designated as Executive Director, for a three-year period. His tenure will begin from the date of RBI approval or any other period specified by the regulator.
The appointments and CEO selection process underline the bank’s focus on maintaining continuity while preparing for a change in top management.
