On Saturday, HDFC Bank told regulators it has put forward two candidates for the top job that combines the MD and CEO responsibilities. The bank said the names were sent in order of preference and included proposed compensation for a three-year tenure, all subject to RBI signoff. The filing did not reveal who the nominees are.
This comes after Sashidhar Jagdishan opted against seeking a third term last month. A 30-year company veteran, he took over from Aditya Puri in 2020, oversaw balance sheet growth, and steered the merger three years ago with the country's largest mortgage financier. He was reappointed in October 2023 for another three-year stint and had publicly said he was interested in continuing, a view many analysts shared.
According to CNBC-TV18, Dinesh Khara - who previously chaired State Bank of India - is among the leading contenders. The network also cited Kaizad Bharucha, HDFC Bank's deputy managing director; Amitabh Chaudhry, CEO of Axis Bank Ltd.; and Anup Bagchi, CEO of ICICI Prudential Life Insurance Co., as potential candidates. HDFC Bank has not confirmed any names.
In a separate move, the bank sought to renew V. Srinivasa Rangan's whole-time directorship for one year beginning Nov. 23, and to name Jimmy Tata as a whole-time director for a three-year term starting on the date of RBI approval. Both roles carry the title of executive director. With this extra whole-time director slot, HDFC Bank's board would have four such directors, alongside the combined MD-CEO role.
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As a systemically important lender in India, HDFC Bank holds nearly 12% of the nation's deposit base as of June 30. The succession battle could see seasoned insiders face off with external leaders for the helm of India's largest private sector bank. In 2026, the stock is down 29%, versus a 5% drop for the Nifty Bank Index.
The governance noise has been loud this year. The part-time chairman resigned, pointing to "certain happenings and practices" he said did not align with his "personal values and ethics." In May, a media report alleged the bank offered interest rates above industry norms to a government-owned enterprise. HDFC Bank denied wrongdoing, and the RBI later publicly backed the lender, saying it found "no material conduct or governance-related concerns."
All eyes now turn to the RBI's call on the two CEO nominees and the expanded board lineup. For your money, the lesson is straightforward: leadership clarity can move a bank's narrative, and when that bank sits on a big chunk of national deposits, the stakes for sentiment are higher than usual.
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