HDFC Bank Begins CEO Selection Process, Submits Two Names To RBI or Approval
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…
HDFC Bank's Board of Directors has initiated the process for selecting a new Managing Director and Chief Executive Officer, with RBI approval required for the final appointment. The bank submitted the names of two shortlisted candidates to the RBI, along with their proposed remuneration, in accordance with Banking Regulation Act, 1949 and RBI's Commercial Banks Governance Directions, 2025.
The CEO appointment will be valid for a three-year term, pending regulatory approval. This move comes as the current MD and CEO, Sashidhar Jagdishan, is set to retire on October 26, and the bank aims to ensure a smooth transition in leadership at India's largest private sector lender. In addition to the CEO selection, the board also approved the reappointment of V Srinivasa Rangan as Executive Director, with a new term beginning November 23, 2026, and the appointment of Jimmy Tata as Executive Director, with a tenure commencing upon RBI approval.
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