The RBI has asked HDFC Bank to expedite the process of appointing a non-executive chairman.
Interim chairman Keki Mistry’s tenure is nearing completion, with uncertainty over an extension.
The board is also said to be considering multiple names as part of the ongoing selection process.
The Reserve Bank of India (RBI) has reportedly asked HDFC Bank’s board to speed up the search for a non-executive part-time chairman, as interim chairman Keki Mistry’s tenure nears its end, according to a Moneycontrol report.
The regulator is understood to be wary that some important decisions may get delayed in the absence of a permanent board chairman.
Mistry is likely to continue in the role until a replacement is appointed, although a formal communication from the RBI is awaited. The process of identifying a new chairman is expected to conclude by the end of June.
4 July 2026
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The report added that the RBI has been in regular touch with HDFC Bank's board to monitor the progress of the search process and assess how discussions on the appointment are moving forward.
Chairman Search Picks Up Pace
The bank's nomination and remuneration committee (NRC) has referred a few names to the board for consideration. Discussions have reportedly been held with some senior former officials and former bankers, though no candidate has been finalised yet.
Under RBI norms, the chairman of a bank's board must be a non-executive and independent director. The formal search is believed to have started in late April, nearly a month after former chairman Atanu Chakraborty stepped down on March 18.
Sources said RBI is not in favour of prolonged interim arrangements and has urged the board to speed up the process. While Mistry may continue until a new chairman is appointed, the regulator is understood to be pushing for quicker selection.
Mistry’s long association with HDFC Bank and its group entities is also seen as a factor in why he is not considered independent for the role.
CEO Renewal Among Pending Decisions
Several important business and leadership decisions are awaiting board approval, people familiar with the matter said.
One of the key decisions is the renewal of Managing Director (MD) and Chief Executive Officer (CEO) Sashidhar Jagdishan’s term. He is currently serving his second term, which is scheduled to end in October this year.
RBI is believed to be of the view that the incoming chairman should be involved in deciding the CEO’s next term, given the importance of alignment between the chairman and the bank's chief executive.
Until a permanent chairman is appointed, the decision on Jagdishan’s renewal could face delays.
