Keki Mistry's tenure as the interim part-time chairman of HDFC Bank has been extended by the Reserve Bank of India (RBI) for three months, until September 18, 2026, or until a new chairman is appointed, whichever comes earlier. This extension follows the abrupt resignation of former chairman Atanu Chakraborty, who cited concerns about the bank's practices not aligning with his personal values.
The search for a permanent chairman is still underway, with HDFC Bank reportedly shortlisting five candidates. These candidates include a retired RBI deputy governor, a retired bureaucrat, a former head of a public sector bank, a former India CEO of a multinational company, and a technology veteran. Some reports suggest the bank's board favors a former RBI deputy governor due to their familiarity with banking regulations and supervisory practices.
Mistry initially took over the role after Chakraborty's sudden departure in March 2026. The extension provides continuity in leadership while the bank completes the process of appointing a permanent chairman and addresses governance-related developments that have impacted investor sentiment, with HDFC Bank shares declining over 20% since January.
The board of HDFC Bank had specifically requested an extension for Mistry's term. While speculation about potential candidates like former RBI Deputy Governor M. Rajeshwar Rao being considered for the permanent role has emerged, the RBI's approval of the extension indicates that a definitive appointment is still pending. The bank denies any wrongdoing related to the issues raised by Chakraborty.
