HDFC Bank MD & CEO Appointment: Chairman Rajiv Kumar Meets RBI Governor Sanjay Malhotra
With just over two months left in Sashidhar Jagdishan’s current term as MD & CEO of HDFC Bank, Chairman Rajiv Kumar reportedly met Reserve Bank of India (RBI) Governor Sanjay Malhotra last week. According to sources, the meeting focused mainly on the bank’s plans for the next MD & CEO and the possibility of reappointing Jagdishan.
RBI Seeks Clarity on Board’s Decision
Sources said the meeting was aimed at understanding the level of support within the HDFC Bank board for giving Jagdishan another term. The RBI governor also wanted to know whether the board had discussed any other candidates for the position.
Rajiv Kumar has had several formal interactions with RBI officials since joining the HDFC Bank board on June 30, 2026. The latest meeting was reportedly his fourth interaction with the central bank’s officials.
No Recommendation Yet
According to sources, the HDFC Bank board has not yet formally recommended any name to the RBI for the MD & CEO position. The RBI is now believed to be keen on resolving the leadership issue as Jagdishan’s current term is nearing its end. Jagdishan’s present tenure as HDFC Bank MD & CEO will end on October 26, 2026.
Normal Process for CEO Appointment
Normally, bank boards recommend an MD & CEO for reappointment at least six months before the current term ends. If a bank plans to appoint a new CEO, the preferred candidate’s name is generally shared with the RBI at least four months before the existing CEO’s tenure ends. Sources said the HDFC Bank case is unusual because the decision is being discussed relatively close to the end of the current MD & CEO’s term.
Possible Candidates for the Post
Jagdishan could be considered for another three-year term, although the board could also recommend a shorter tenure. The board may also consider an internal candidate or recommend an external candidate for the position. The final decision will require regulatory approval from the RBI.
Other Issues Discussed
Apart from the MD & CEO appointment, the RBI is also believed to have discussed other matters with Rajiv Kumar. These reportedly included the AT-1 bond mis-selling case being pursued by some affected bondholders in Bahrain.
HDFC Bank and the RBI did not respond to emails seeking comments on the reported meeting. Rajiv Kumar was also not immediately available for comment.
Rajiv Kumar’s Appointment as Chairman
The leadership changes at HDFC Bank followed the unexpected exit of former chairman Atanu Chakraborty from the bank’s board in March 2026. Keki Mistry, a non-executive board member, was then appointed interim chairman.
After a search lasting nearly three months, Rajiv Kumar was appointed as HDFC Bank’s non-executive chairman. He initially joined the board as an additional director and later became chairman after receiving RBI approval on July 15, 2026.
