The confusion over the possible reappointment of Sashidhar Jagdishan as the HDFC Bank’s MD & CEO deepened after the reported meeting between the bank’s chairman, Rajiv Kumar, and RBI Governor Sanjay Malhotra last week.
According to media reports, HDFC Bank’s chairman, Rajiv Kumar, is said to have met RBI Governor Sanjay Malhotra to take stock of the position of the HDFC Bank board with respect to the reappointment of Jagdishan as the bank’s MD & CEO. Jagdishan’s current tenure ends on October 26, 2026.
According to sources, last week’s meeting was the fourth formal interaction between Kumar and RBI officials since Kumar was appointed to the HDFC Bank board on June 30, 2026.
A highly placed source is quoted as saying that the RBI Governor wanted to understand whether the board is unanimously in favour of granting an extension to the current MD, or if alternate names were discussed since Kumar took charge.
He said that the board is yet to make any recommendations to the RBI on MD & CEO reappointment. He added that the RBI was keen that leadership-related issues be resolved soon at the HDFC Bank.
As per standard practice, bank boards recommend MD & CEO’s name for reappointment at least six months ahead of the expiry of the incumbent’s tenure. Alternatively, if a board decides to look for a new CEO, preferred names are shared with the RBI for approval at least four months before the current CEO’s tenure comes to an end.
But the HDFC Bank’s case is slightly peculiar; that explains why last week’s meeting between the HDFC Bank Chairman and RBI Governor is important.
Experts say possibilities for the appointment of HDFC Bank’s MD and CEO are limited. Either Jagdishan could be reappointed for a three-year tenure or a shorter duration or another internal candidate could be picked for the position by the board. There is also a likelihood of an external candidate.
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