HDFC Bank Sends 2 Names to RBI for Next MD and CEO Ahead of Sashidhar Jagdishan’s Exit

HDFC Bank has kicked off the succession process for its top leadership, submitting two names in order of preference to the Reserve Bank of India for appointment as its next managing director and CEO. The move comes ahead of current CEO Sashidhar Jagdishan's exit at the end of October, after he decided not to seek another term when his tenure ends. Deputy managing director Kaizad M Bharucha, who joined the bank in 1995 and its board in 2014, is widely seen as the leading internal contender, having handled corporate banking, wholesale credit, retail assets and the mortgage business over his tenure. Other names doing the rounds in financial circles include former SBI chairman Dinesh Khara, Citi India head K Balasubramanian, ICICI Prudential Life CEO Anup Bagchi and former HDFC Bank DMD Paresh Sukthankar.

Board Approves Senior Management Revamp

Alongside the CEO shortlist, HDFC Bank's board has approved a broader reshuffle of its senior leadership. Chief credit officer Jimmy Tata has been elevated to executive director for three years, subject to RBI approval, adding a senior credit and risk-management voice to the whole-time directorate, Reuters reported. The board has also sought a one-year extension for executive director V Srinivasa Rangan from November 23, 2026, and cleared the creation of an additional executive director post, to be finalised in consultation with the incoming MD and CEO. Together, the changes will expand the bank's whole-time directors to four. Tata Sons Succession: Who Are the 3 Names in Race To Replace N Chandrasekaran?

Rangan, a chartered accountant and housing finance veteran who joined HDFC Bank's board in November 2023 after serving as executive director and CFO of the erstwhile HDFC Ltd, is expected to bring continuity in real estate finance, treasury and capital management if his extension goes through. He also represents the bank on the board of HDFC AMC. TCS CEO K Krithivasan Salary Rises 6.3% to INR 28.1 Crore in FY26, Annual Report Reveals.

Expanded Board To Oversee Subsidiaries, Resolve Lingering Issues

The larger board is also expected to sharpen oversight of the bank's subsidiaries, including HDFC Life, HDFC AMC and HDFC ERGO, and comes as the bank works through issues that have surfaced in recent months. "The period of uncertainty is over. The bank has sought to resolve all the issues that it had faced in recent months and with a new CEO in place it is poised to be back on rail," a person familiar with the matter said. The bank has been addressing these one by one, from appointing former CEC Rajiv Kumar as its new chairman to dealing with mis-selling charges over bonds and concerns around deposits mobilised from a Maharashtra PSU.

The management overhaul also comes as the bank completes integration following its merger with HDFC Ltd, strengthening its internal succession bench in the process.

HDFC Bank's American Depositary Shares closed 6.9 percent higher on the NYSE on Friday. The CEO shortlist and the proposed executive director appointments now await RBI approval.

(The above story first appeared on LatestLY on Sep 13, 2026 09:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).