HDFC Bank has submitted two candidates to the Reserve Bank of India for approval as its next managing director and chief executive officer. The HDFC Bank CEO succession proposal was approved at a board meeting on September 12, 2026, according to the bank’s stock-exchange disclosure.
The candidates were submitted in order of preference, together with proposed remuneration, for a three-year appointment. Their names were not disclosed publicly. The submission starts a regulatory approval process; it does not announce that either candidate has been appointed.
HDFC Bank CEO appointment awaits RBI approval
The September 12 filing says the board acted on recommendations from its Governance, Nomination and Remuneration Committee. It explicitly makes the proposed appointment subject to RBI approval.
The Indian Express reported that the succession process comes ahead of the end of Sashidhar Jagdishan’s current term on October 26, 2026. Reuters also reported that Jagdishan is due to step down at the end of his second term in October, having led the bank since 2020.
For shareholders following the transition, the immediate confirmed development is the submission of two names. The documents reviewed do not identify the bank’s preferred candidate, announce a final selection or provide an approval date from the central bank.
Executive director proposals accompany the submission
The board also approved proposals concerning two executive directors. It is seeking the reappointment of V. Srinivasa Rangan as a whole-time director, designated executive director, for a one-year period from November 23, 2026, to November 22, 2027.
Separately, Jimmy Tata has been proposed as a whole-time director, also designated executive director, for three years. His tenure would begin on the date of RBI approval, or another date or period specified by the regulator.
These are proposals requiring the relevant approvals. The board’s September 12 decision should therefore be distinguished from the date on which a proposed appointment actually takes effect.
Additional leadership position planned
HDFC Bank’s disclosure also proposes an additional whole-time director position. The bank said this was intended to improve coordination and oversight, including oversight of subsidiaries, and to broaden its succession pipeline.
According to the filing, that position will be filled in consultation with the new managing director and CEO after the successor takes charge. Necessary shareholder approvals will be sought in due course.
The bank has therefore set out several connected steps: seeking approval for its next chief executive, proposing executive director appointments and planning another leadership position. The filing does not establish that all of those steps have already been completed.
Further disclosures will be needed to identify the approved successor and confirm the effective terms of the appointments. Until then, the publicly verified position remains a board-approved submission to the RBI, with the two CEO candidates unnamed.
