HDFC Bank board to discuss CEO Jagdishan's name for third term in mid-July: Source

India's largest private sector lender, HDFC Bank , is expediting the process of discussing and finalising the name of current Managing Director and CEO Sashidhar Jagdishan for a third term to lead the bank, a source said.

This comes just a day after the bank appointed former finance secretary and former chief election commissioner (CEC) Rajiv Kumar as its part-time chairman. The Reserve Bank of India (RBI) had said earlier that it wanted the bank to finalise the appointment of a new chairman first, after which the new CEO's selection would be carried out.

"Between July 15 and July 17 a series of scheduled committee meetings— including the governance, nomination and remuneration committee (GNRC)—and board meeting of the bank are set to take place," a source aware of the developments said on condition of anonymity. After this, and with approval of the RBI, the bank will approve the final name.

The board of the bank has often publicly said they are that they are backing Jagdishan for a third term, despite the bank being weighed down by governance concerns since the controversial exit of former part-time chairman Atanu Chakraborty on March 18.

Just last week, HDFC Bank completed a three-month legal review on governance concerns. The legal review, carried out by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy, stated that “contemporaneous evidence reviewed was inconsistent” with former part-time chairman Atanu Chakraborty’s statements—that “happenings and practices” were not in congruence with his “personal values and ethics”—as mentioned in his March 18 resignation letter to the bank’s board.

HDFC Bank’s stock has risen 7.73% over the past month to ₹800.1 on the BSE.

Kumar's appointment is subject to approval from the RBI with the interim part-time chairman Keki Mistry set to end his term on September 18, 2026.

Kumar is widely regarded for his transformative role in revitalising India's banking and financial sector during a period of significant systemic stress from 2017-2020.

If the appointment of the new CEO is completed soon, the bank would have successfully transitioned to a new leadership structure. Just yesterday, HDFC Bank has also announced that banking veteran Puneet Sharma will be joining the bank on December 1, 2026, after having quit Axis Bank.