HDFC Bank board may now focus on the reappointment of Sashidhar Jagdishan as MD and CEO
Jagdishan's current term ends in October. He was first appointed as the MD and CEO of HDFC Bank for three years in October 2020, when he succeeded the lender's long standing chief Aditya Puri. His tenure was renewed by another three years in October 2023.
- Jun 29, 2026,
- Updated Jun 29, 2026 10:44 PM IST
Just three days after an independent legal review into the concerns flagged in the resignation letter of former chairman Atanu Chakraborty found no evidence to substantiate his claims, HDFC Bank has appointed former IAS officer and ex-Chief Election Commissioner Rajiv Kumar as the new part-time chairman.
With the new chairman now in place, the focus will now shift to the reappointment of Sashidhar Jagdishan as the MD and CEO, with his term set to end in October.
HDFC Bank was thrown into sort of a crisis in March, when then part-time chairman Atanu Chakraborty resigned abruptly citing that “certain happenings and practices” within the bank observed over two years, were “not in congruence” with his personal values and ethics,
Acting swiftly, the country's second largest lender appointed group veteran Keki Mistry as the interim chairman. Separately, external law firms were roped in to conduct a legal review to evaluate if any concern was evident as raised in the statement made by Chakraborty in his resignation letter, and if Chakraborty recorded any dissent, and whether it was addressed.
At the same time, the lender began a search for a new part-time chairman.
The legal review conducted by Wilson Sonsini Goodrich & Rosati, P.C. and Wadia Ghandy & Co. concluded that no contemporaneous support for Chakraborty’s statement was found in the board or board committee minutes or materials reviewed, or in contemporaneous communications about the review and approval of the minutes of meetings he attended.
With the legal review giving a clean chit to HDFC Bank, the bank has now moved to appoint Rajiv Kumar as the new part-time chairman, whose appointment will require approval from the Reserve Bank of India. He has been appointed as the part-time chairman for three years.
Kumar has also been appointed as an additional independent director of HDFC Bank four years with effect from June 30, 2026 and that will need approval from shareholders.
His appointment as part-time chairman will be effective from the date as approved by the RBI.
Key task ahead
With the legal review finding no merit in the concerns raised by Chakraborty, and a new part-time being appointed, the HDFC Bank's board may now initiate the process of clearing the third term for MD and CEO Jagdishan.
Jagdishan's current term ends in October. He was first appointed as the MD and CEO of HDFC Bank for three years in October 2020, when he succeeded the lender's long standing chief Aditya Puri. His tenure was renewed by another three years in October 2023.
On the renewal of Jagdishan tenure, Kaizad Bharucha, the bank’s deputy managing director said in April following the lender's earnings announcement for the January-March quarter, that the board is “seized up” of the matter.
Jagdishan himself has reportedly said earlier that he may be willing to be reappointed should the board decide.
With the legal review done and now a new chairman also announced, the board may now speed up the decision on his reappointment. However, Jagdishan's reappointment will also require the approval from the RBI.
It was under Jagdishan's leadership that the merger of HDFC Bank and parent HDFC was successfully executed. Jagdishan has been with the bank since 1996.
Just three days after an independent legal review into the concerns flagged in the resignation letter of former chairman Atanu Chakraborty found no evidence to substantiate his claims, HDFC Bank has appointed former IAS officer and ex-Chief Election Commissioner Rajiv Kumar as the new part-time chairman.
With the new chairman now in place, the focus will now shift to the reappointment of Sashidhar Jagdishan as the MD and CEO, with his term set to end in October.
HDFC Bank was thrown into sort of a crisis in March, when then part-time chairman Atanu Chakraborty resigned abruptly citing that “certain happenings and practices” within the bank observed over two years, were “not in congruence” with his personal values and ethics,
Acting swiftly, the country's second largest lender appointed group veteran Keki Mistry as the interim chairman. Separately, external law firms were roped in to conduct a legal review to evaluate if any concern was evident as raised in the statement made by Chakraborty in his resignation letter, and if Chakraborty recorded any dissent, and whether it was addressed.
At the same time, the lender began a search for a new part-time chairman.
The legal review conducted by Wilson Sonsini Goodrich & Rosati, P.C. and Wadia Ghandy & Co. concluded that no contemporaneous support for Chakraborty’s statement was found in the board or board committee minutes or materials reviewed, or in contemporaneous communications about the review and approval of the minutes of meetings he attended.
With the legal review giving a clean chit to HDFC Bank, the bank has now moved to appoint Rajiv Kumar as the new part-time chairman, whose appointment will require approval from the Reserve Bank of India. He has been appointed as the part-time chairman for three years.
Kumar has also been appointed as an additional independent director of HDFC Bank four years with effect from June 30, 2026 and that will need approval from shareholders.
His appointment as part-time chairman will be effective from the date as approved by the RBI.
Key task ahead
With the legal review finding no merit in the concerns raised by Chakraborty, and a new part-time being appointed, the HDFC Bank's board may now initiate the process of clearing the third term for MD and CEO Jagdishan.
Jagdishan's current term ends in October. He was first appointed as the MD and CEO of HDFC Bank for three years in October 2020, when he succeeded the lender's long standing chief Aditya Puri. His tenure was renewed by another three years in October 2023.
On the renewal of Jagdishan tenure, Kaizad Bharucha, the bank’s deputy managing director said in April following the lender's earnings announcement for the January-March quarter, that the board is “seized up” of the matter.
Jagdishan himself has reportedly said earlier that he may be willing to be reappointed should the board decide.
With the legal review done and now a new chairman also announced, the board may now speed up the decision on his reappointment. However, Jagdishan's reappointment will also require the approval from the RBI.
It was under Jagdishan's leadership that the merger of HDFC Bank and parent HDFC was successfully executed. Jagdishan has been with the bank since 1996.