HDFC Bank Appoints Jimmy Tata as Director; Board Sends MD and CEO Names to RBI
HDFC Bank’s board has approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for three years, subject to RBI approval. The board has also approved two preferred candidates for MD and CEO and submitted their names to the RBI. Tata, a veteran banker with over 35 years of experience, currently serves as Chief Credit Officer.
HDFC Bank’s board has approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for a three-year term, subject to approval from the Reserve Bank of India (RBI). The move comes as the bank undertakes a wider leadership transition, with the board also submitting two candidates, in order of preference, to the RBI for appointment as Managing Director and Chief Executive Officer for a three-year term. The bank has not disclosed the names of the two CEO candidates.
The board approved the proposals at its meeting on Saturday, September 12, following recommendations from its Governance, Nomination and Remuneration Committee and in accordance with the Banking Regulation Act and the RBI’s Commercial Banks - Governance Directions, 2025, ANI reported. The proposed remuneration of the two MD and CEO candidates will also be submitted to the RBI for approval. HDFC Bank Stock Update: Shares Dip Below Recent Lows.
Jimmy Tata Appointed As Whole-Time Director
Under the leadership changes approved by the board, Jimmy Tata will join the board as a Whole-time Director, with the designation of Executive Director. His three-year term will begin from the date of RBI approval or another date or period specified by the regulator.
Tata has more than 35 years of experience in the banking and financial services sector and has been associated with HDFC Bank since 1994. He currently serves as the bank’s Chief Credit Officer and previously held the position of Chief Risk Officer.
Tata had emerged in recent weeks as one of the potential internal contenders for HDFC Bank’s top job, according to media reports. However, the bank’s latest exchange filing does not identify him as one of the two candidates submitted to the RBI for the MD and CEO position.
Two CEO Candidates Sent To RBI
HDFC Bank’s board has approved two candidates, in order of preference, for appointment as MD and CEO for a three-year term. Their names have not been disclosed by the bank. The proposals are now subject to RBI approval. The bank will also seek shareholder approval wherever required.
The development marks the next formal step in the succession process following the decision of incumbent MD and CEO Sashidhar Jagdishan not to seek reappointment. Jagdishan is scheduled to retire from the bank at the close of business on October 26, 2026.
V Srinivasa Rangan To Continue As Executive Director
The board has also approved the reappointment of V Srinivasa Rangan as a Whole-time Director, designated as Executive Director, from November 23, 2026 to November 22, 2027, subject to the necessary approvals.
Rangan, 66, is currently an Executive Director of HDFC Bank. He oversees human resources, corporate legal, group oversight and secretarial functions, investment banking, information security, ethics, and fraud and vigilance. Before the amalgamation of HDFC Ltd with HDFC Bank in July 2023, Rangan served as Executive Director and Chief Financial Officer of HDFC Ltd.
Bank To Add Fourth Whole-Time Director
HDFC Bank’s board has also approved the creation of one additional Whole-time Director position. This will take the total number of Whole-time Directors on the board to four, apart from the MD and CEO. The bank said the additional position is intended to provide “sharper synergy and oversight”, including over its subsidiaries, while also creating a larger pipeline for succession planning.
The new Whole-time Director will be selected in consultation with the incoming MD and CEO after he or she takes charge. The bank said necessary shareholder approvals will be sought in due course.
The latest board decisions come at a significant transition point for HDFC Bank. With Jagdishan set to leave in October, the bank is moving ahead with both its CEO succession process and changes to its executive board structure. The RBI’s approval remains necessary before the proposed MD and CEO appointment and Tata’s appointment as Executive Director can take effect. The bank is also expected to seek shareholder approvals wherever required.
(The above story first appeared on LatestLY on Sep 12, 2026 07:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
