HDFC Bank Sends 2 CEO Candidates to RBI as Jagdishan’s Succession Process Begins

HDFC Bank’s board has submitted two candidates to the Reserve Bank of India (RBI) for the position of chief executive officer, formally kicking off the succession process for Sashidhar Jagdishan, who is set to retire later this year.

The bank did not disclose the names of the candidates.

Under Indian banking regulations, private-sector banks must obtain prior RBI approval to appoint a managing director and CEO, giving the central bank a key role in vetting senior leadership appointments.

Jagdishan, who has headed HDFC Bank since 2020, is due to step down at the end of his second term in October.

As part of efforts to strengthen its board, HDFC Bank has also reappointed V. Srinivasa Rangan as a whole-time director and appointed Chief Credit Officer Jimmy Tata to the board in the same capacity.

Deputy Managing Director Kaizad Bharucha is already serving as a whole-time director.

The bank said it will also create a fourth whole-time director position, which will be held by the incoming CEO once the appointment is finalised.