HDFC Bank may seek RBI approval for a 90-day extension for interim chairman Keki Mistry
No final decision yet on a permanent successor after Atanu Chakraborty’s exit
Board discussions on leadership transition are still ongoing
HDFC Bank is likely to approach the Reserve Bank of India (RBI) for a 90-day extension for interim chairman Keki Mistry, according to sources cited in a Moneycontrol report. His current term ends on June 18, and the extension, if approved, would continue his role till mid-October.
The report said the board is considering the move as it has not yet finalised a successor following the sudden resignation of Atanu Chakraborty in March. The leadership gap has led to continued discussions within the board and nomination and remuneration committee.
1 May 2026
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What's Holding Back Chairman Pick?
According to the report, the board has not reached a consensus on a permanent chairman. Informal discussions have taken place, but no name has been finalised for recommendation to the RBI. A senior banker told Moneycontrol that the process is still ongoing and could take another one to two months.
During the Q4 FY26 earnings call, CEO Sashidhar Jagdishan indicated that internal processes, including board-level and committee deliberations, must be completed before any formal recommendation is made. He also noted that while Mistry is supported by the board, procedural steps remain before a final decision.
When Leadership Transition Began?
The leadership transition began after Atanu Chakraborty, a former bureaucrat, stepped down from the chairman’s post in March, citing differences between his personal values and internal practices at the bank over the past two years. He formally resigned by writing to the nomination and remuneration committee.
Mistry, who joined the board in June 2023 following the merger of HDFC Limited with HDFC Bank, was appointed interim chairman on March 19. Before the merger, he served as vice chairman and CEO of HDFC Limited.
Limited Extension Expected
Any extension for Mistry is likely to be temporary, according to the report. He is said to have prior commitments and may prefer to continue only in a short-term capacity. While he could remain on the board as a non-executive member, a long-term continuation as chairman appears unlikely at this stage.
The report also added that with no clear successor in place yet, the board is continuing discussions, and a final decision may still take time before being submitted to the RBI.
