HDFC Bank recommends two candidates for MD & CEO, proposes two ED appointments

The recommendations, in order of preference, come ahead of the end of Sashidhar Jagdishan’s current term on October 26, 2026. (File image)

HDFC Bank has submitted the names of two candidates to the Reserve Bank of India (RBI) for appointment as its next Managing Director and Chief Executive Officer (MD & CEO), setting in motion the succession process at the country’s largest private sector lender.

The recommendations, in order of preference, come ahead of the end of Sashidhar Jagdishan’s current term on October 26, 2026.

According to the bank’s regulatory filing, it has sought RBI approval for the appointment of its next MD & CEO for a three-year period.

Along with the names of the two candidates, HDFC Bank has also submitted the proposed remuneration for the candidates. The appointment will be subject to approval from the central bank.

The bank has sought the reappointment of V Srinivasa Rangan as a whole-time director, designated as Executive Director, along with the remuneration payable to him. His proposed tenure will run from November 23, 2026, to November 22, 2027.

HDFC Bank has also proposed the appointment of Jimmy Tata as a whole-time director, designated as Executive Director, for three years from the date of RBI approval, or such other date or period as may be specified by the regulator.

In addition, the bank has proposed creating one additional whole-time director position. This will increase the number of whole-time directors on the board to four, apart from the MD & CEO.

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HDFC Bank said the additional position is intended to ensure sharper synergy and oversight, including over its subsidiaries, while creating a larger leadership pipeline for succession planning. The position will be filled in consultation with the incoming MD & CEO after the successor takes charge.

The proposals will require RBI approval, while necessary shareholder approvals will be sought in due course. The choice of the next MD & CEO will be closely watched as HDFC Bank enters a new phase following Jagdishan’s departure, with the incoming leadership expected to steer the post-merger institution while strengthening governance, oversight and succession planning.

Jagdishan’s exit comes at a time when HDFC Bank has faced scrutiny over governance and internal practices. In March, the bank’s then part-time chairman Atanu Chakraborty resigned, citing certain “happenings and practices” that he said were not in line with his personal values and ethics.

The bank subsequently appointed external law firms to examine the concerns raised in his resignation. The firms later said Chakraborty’s allegations were not substantiated, while the RBI said its periodic assessment had found no material concerns regarding the bank’s conduct or governance.

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The Indian Express subsequently reported that HDFC Bank’s Audit Committee had ordered an internal vigilance investigation into payments totalling Rs 45 crore made to the Maharashtra State Road Development Corporation during 2023-24 and 2024-25. The payments were allegedly routed through the bank’s marketing department and presented as contributions to a road-safety campaign rather than as differential interest on deposits. HDFC Bank had denied the allegations.

In July, the bank’s board concluded its internal disciplinary process relating to the MSRDC arrangement. It issued warning letters and imposed a monetary penalty of Rs 1 lakh each on Jagdishan, CFO Srinivasan Vaidyanathan and Group Head of Retail Assets Arvind Vohra. The board characterised the conduct as “business overreach” and said there was no mala fide action, personal enrichment or improper motive.

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George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More