HDFC Bank submits two names for MD & CEO post as Sashidhar Jagdishan’s term ends

HDFC Bank’s board has reportedly submitted two names to the Reserve Bank of India (RBI) for the three-year managing director and CEO position following Sashidhar Jagdishan’s decision not to seek reappointment. The proposal, approved by the board on September 12 along with the proposed remuneration for the candidates, has been sent to the RBI for approval. The appointments will be subject to the regulator’s approval.

According to a report in CNBC-TV18, the bank has proposed appointing Jimmy Tata as a whole-time director, designated as executive director, for three years, subject to RBI approval. Tata has been associated with HDFC Bank since 1994 and currently serves as its chief credit officer. He was appointed chief risk officer in 2013 after heading the corporate banking department.

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HDFC Bank has also proposed the reappointment of V Srinivasa Rangan as a whole-time director, or executive director, for a one-year term from November 23, 2026 to November 22, 2027, the report added. Rangan currently oversees human resources, corporate legal, group oversight and secretarial functions, as well as investment banking, information security, ethics, and fraud and vigilance.

As part of the proposed changes, the board has approved the creation of one additional whole-time director position, taking the total number of whole-time directors to four, besides the MD and CEO. The bank said the additional position is intended to create sharper synergy and oversight, including across its subsidiaries, while strengthening its succession-planning pipeline, as per the report.

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The position will be filled in consultation with the new MD and CEO after the person takes charge. All the proposed appointments remain subject to the requisite regulatory approvals. HDFC Bank said further disclosures will be made after those approvals are received.