India's biggest private lender HDFC Bank will fast- track the process of selecting and appointing its next managing director and CEO after Sashidhar Jagdishan decided not to seek re-appointment.
In an exchange filing on Saturday, the lender said, "The Board decided to fast-track the process for selection and appointment of his successor well within time."
The development comes as HDFC Bank informed that its current MD and CEO Sashidhar Jagdishan will step down from his position on October 26, 2026.
The filing read, "Sashidhar Jagdishan has conveyed today, his decision to not seek his re-appointment as the Managing Director & Chief Executive Officer (MD&CEO) of the Bank."
It added, "Despite persuasion, Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026."
The development comes after recent source-based media reports claimed that Chairman Rajiv Kumar met Reserve Bank of India (RBI) Governor Sanjay Malhotra last week to discuss the status of MD & CEO Sashidhar Jagdishan's possible reappointment, there is no official confirmation from HDFC Bank itself.
Notably, HDFC Bank did not reveal any information in regulatory filings where financial results for the first quarter of fiscal 2027 were approved and declared.
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