The Board of Directors of HDFC Bank is in the process of deciding on the appointment of the Managing Director and Chief Executive Officer (MD & CEO), as the current executive's term expires in October. The Nomination, Governance, and Remuneration Committee (GNRC) has been tasked with this responsibility.
Kaizad Barucha, Deputy Managing Director of HDFC Bank, stated during a call following quarterly earnings that the GNRC and the board of directors are actively working on this matter. He noted that the new chairman has only recently taken office, and the process is ongoing work, the completion of which will be communicated to all stakeholders.
Sashidhar Jagdishan was appointed MD & CEO in 2020 for a three-year term, which was extended by another three years in 2023 and concludes in October of this year. Despite the approaching end of the term, the Reserve Bank of India (RBI) has been informed about the entire process. Consequently, despite the relatively short time to complete the reappointment procedure, the bank does not anticipate regulatory hurdles.
The bank's three-member GNRC is headed by Harsh Kumar Bhanwala, former Chairman of the National Bank for Agriculture and Rural Development (NABARD). The committee includes Sandeep Parekh and M. D. Ranganath. After the GNRC presents a candidate or candidates, the proposal will be reviewed by the bank's board of directors under the chairmanship of the newly appointed non-executive chairman, Rajiv Kumar. Following approval by the board of directors, the recommendation will be sent to the RBI for permission.
The bank previously prioritized appointing a permanent non-executive chairman after an external legal review found no violations in the allegations made by former non-executive chairman Atanu Chakrabarti, who left in March. Only after filling the chairman position did the board of directors begin considering the extension of Jagdishan's term.
At the end of last month, the bank appointed Kumar, a former Election Commissioner of India, as its non-executive chairman. Keki Mistry, an independent director of the bank, served as the interim non-executive chairman after Chakrabarti's departure in March. Jagdishan expressed confidence in future growth, noting that he found it very pleasant and refreshing, and that they aim for a great partnership between the board of directors and management in the coming years.
HDFC Bank, India's largest private sector lender, announced on Wednesday that it has received approval from the Reserve Bank of India (RBI) to appoint former Chief Election Commissioner Rajiv Kumar as the bank's interim chairman for a three-year term, starting July 15.
Kumar is expected to attend his first board meeting on July 18, where the board will review the bank's financial results for the first quarter of the 2027 fiscal year. One of the immediate priorities for Kumar as chairman will be to lead the board discussion on the reappointment of Managing Director and CEO Sashidhar Jagdishan.
In regulatory filings, the bank expressed gratitude to Keki Mistry, who served as interim chairman after Atanu Chakraborty's departure in March. HDFC Bank stated: 'The bank records its sincere appreciation for Mr. Keki Mistry for his valuable leadership and contribution during his tenure as the bank's interim chairman. Mr. Mistry continues to be a non-executive, non-independent director of the bank.'
Last month, the bank's board approved Kumar's appointment as interim chairman for three years, subject to RBI approval. Furthermore, his acceptance as an additional independent director for four years was approved, which required shareholder approval.
Kumar, aged 66, is a retired officer of the Indian Administrative Service (IAS). He served as the Chief Election Commissioner from May 2022 to February 2025. Prior to that, he worked as Financial Secretary and Secretary of the Department of Financial Services before retiring from government service in February 2020.
In its annual report for the fiscal year 2026, HDFC Bank, India's largest private lender, presented a strong defense of its corporate governance standards. This defense came after the resignation of former Chairman Atanu Chakrabortty raised questions regarding the bank's board oversight.
Keki Mistry, interim part-time chairman of HDFC Bank, addressed shareholders, assuring them that the bank firmly adheres to strong corporate governance principles and values. He noted that together with the board of directors, they strive to ensure compliance with these principles.
Chakrabortty left his post as part-time chairman and independent director of the bank on March 18, 2026, which led to speculation about the state of governance standards at the bank. Following this, Mistry was appointed as the interim part-time chairman.
Sashidhar Jagdishan, Managing Director and Chief Executive Officer (MD & CEO) of HDFC Bank, also addressed shareholders, stating the bank's unwavering commitment to the highest corporate governance standards. He reported that the organization has continued to refine internal structures and update key control processes as part of its growth.
According to Jagdishan, the statement made in Chakrabortty's resignation letter led to questions about the bank's governance standards. To strengthen robust governance standards, the board of directors commissioned external law firms to review Chakrabortty's statement.
Jagdishan clarified that since the bank's American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE), the board deemed it prudent to engage both domestic and international law firms to conduct this review. The board also formed a special committee composed exclusively of independent directors to oversee the legal examination and ensure timely information exchange between the bank and the law firms.
The review examined board meeting minutes, materials, communications, and conducted interviews with all independent directors and several senior executives, including the MD & CEO and heads of specific control and assurance functions. The review covered the two years preceding Chakrabortty's resignation.
Jagdishan announced that on June 26, the bank released the findings of the external law firms. The essence of these findings was that Mr. Chakrabortty's statement in his resignation letter and its implications were not substantiated by the reviewed documents and witness testimonies. Mistry emphasized that the bank remains fully dedicated to maintaining the highest standards of transparency, accountability, and oversight, and any issues requiring attention will be thoroughly reviewed according to established processes.
After the law firms gave the bank a 'clean bill,' the board appointed Rajiv Kumar as part-time chairman and independent director of the bank, subject to approval from the Reserve Bank of India (RBI) and the bank's shareholders.
Jagdishan warmly welcomed Rajiv Kumar to the board and thanked Keki Mistry for his significant contribution as the interim part-time chairman. He specifically noted that three years after merging with HDFC Ltd., the mortgage business has grown stronger and ranks among the top two players in the country. The bank was able to open savings accounts for over 95 percent of new housing loan customers at the time of disbursement, and the cross-selling rate remains healthy.
Jagdishan also stressed that technology plays a central role in HDFC Bank's operations, embedding intelligence into systems, workflows, and decision-making, rather than viewing it as an isolated opportunity. The bank has strengthened its core architecture, resilience, and execution capabilities to improve customer service, reliability, and security.
A key tool is the internal platform Neev, designed for developing and implementing Artificial Intelligence (AI) capabilities. This platform provides a unified foundation for deploying AI across the bank, ensuring consistency and adherence to corporate standards. AI-based decisions are used to accelerate and standardize employee responses to customers, while AI applications in retail assets enhance credit decision-making and productivity. In trade operations, AI assistance in classification allows for faster and more accurate transaction processing.
The bank has also modernized its digital infrastructure, providing simple, intuitive, and secure customer interfaces through the internal platforms NetBanking and Mobile Banking. Furthermore, the bank has expanded its digital offerings with platforms such as SmartWealth, PayZapp, and the Pixel credit card, and opened a new technology and digital center in Guwahati to strengthen operational resilience and build talent reserves.
Regarding personnel, Jagdishan stated that HDFC Bank is reallocating employees from back-office functions, where efficiency has been achieved through technology, to customer-facing roles as part of its transformation into a technology-driven, customer-centric bank.
Decisive measures have been taken in connection with the incident of misappropriation of offerings at the Badrinath temple. The Badrinath-Kedarnath Temple Committee (BKTC) has suspended the personal secretary of the committee chairman, as well as the accused Pramod Nautiyal, and sent him a notice demanding an explanation.
According to the notice issued by the temple committee, on July 2, 2026, a recording from a surveillance camera installed on the temple premises was reviewed. During the inspection, it was discovered that Pramod Nautiyal brought a mobile phone and other items to the offering counting area, in addition to standard plates.
This incident was fully captured by the camera. Based on this video recording and existing evidence, the committee demanded a written explanation from the accused within 48 hours regarding the items he had with him.
The committee emphasized that such behavior is completely contrary to the standard procedure for counting offerings. BKTC warned Pramod Nautiyal that legal action would be taken against him if a proper explanation was not provided.
The government of Uttarakhand has also intensified its work on this case. By order of Chief Minister Pushkar Singh Dhami, the investigation into this matter may be transferred to Commissioner Garhwal Anand Swarup. An official order on this matter is expected to be issued soon.
According to sources, a high-level investigative team will be formed under the commissioner's chairmanship. This group may include Sandeep Tiwari, a former district official from Chamoli and current MD of GMVN, who is considered a person of honest reputation. Additionally, Jagat Chauhan, Financial Controller of the National Health Mission, may become a member of this commission.
It should be noted that the investigation began after one Hindu organization filed charges of theft of offerings at the Badrinath temple on July 3. The BKTC chairman had previously formed a four-member committee that visited the Badrinath temple to conduct an initial inspection. Following the completion of this preliminary check, a new commission established at the government level will conduct a more detailed and in-depth study of the case.
