HDFC Bank has forwarded two names to the Reserve Bank of India (RBI) for the crucial position of Managing Director and CEO. This move comes as current chief Sashidhar Jagdishan has opted not to seek reappointment once his term concludes.
The bank's board formally approved the submission of these two candidates to the RBI on September 12, 2026, along with their proposed remuneration. These appointments are contingent upon regulatory clearance from the central bank.
In related leadership changes, the board has also put forth Jimmy Tata for a three-year term as a whole-time director, designated as an executive director. Tata, who has been with HDFC Bank since 1994, currently serves as its Chief Credit Officer. He previously held the Chief Risk Officer position after leading the corporate banking department.
Additionally, V Srinivasa Rangan has been proposed for reappointment as a whole-time director, or executive director, for a one-year term spanning from November 23, 2026, to November 22, 2027. Rangan's extensive portfolio includes human resources, corporate legal affairs, group oversight, secretarial functions, investment banking, information security, and vigilance.
Further strategic adjustments include the creation of an additional whole-time director position, increasing the total number of such directors to four, separate from the MD and CEO. HDFC Bank stated that this new role aims to foster greater synergy and oversight, particularly across its various subsidiaries, while simultaneously strengthening its internal succession planning framework.
The bank indicated that the individual for this new whole-time director role would be selected in consultation with the incoming MD and CEO. All proposed changes remain subject to the necessary regulatory approvals from the RBI, with further disclosures expected once these approvals are secured.