HDFC Bank remains in focus, with the country's largest lender likely to see a new chairman appointment as early as June, sources told NDTV Profit. Keki Mistry, who was appointed on March 19 for a three-month term, is unlikely to be considered for a full-term role. His appointment came as a temporary measure to ensure continuity after Atanu Chakraborty stepped down before completing his tenure.
Chakraborty's exit has since triggered a broader review of governance practices and succession planning at the bank, drawing closer regulatory scrutiny.
Sources say Mistry's role was intended as a “stop-gap” arrangement, and the chairman's position—by design—needs to be independent; his long association with HDFC Bank could pose potential conflict-of-interest concerns, they said.
Since the resignation, the Reserve Bank of India has stepped up engagement with lender on a regular basis. Senior RBI officials have been meeting board members every two to three weeks, focusing on governance standards and board processes.
ALSO READ: After Atanu Steps Down On Ethics, Keki Says HDFC Bank 'Aligned With My Principles'
The bank is in discussions with the RBI on succession, with options including elevating an existing board member or bringing in an external candidate.
Meanwhile, an external law firm's report, expected in the next couple of weeks, is likely to play a key role in shaping the final outcome—both in terms of the chairman appointment and broader governance and board structure changes.
HDFC Bank has appointed domestic law firms Trilegal and Wadia Ghandy & Co, alongside an unnamed top international (US-based) law firm, to independently review the resignation of former chairman Chakraborty.
NDTV Profit's email to HDFC Bank is awaiting a response.
ALSO READ: CEO Re-Appointment In Due Course, Ex-Chairman's Resignation Under Legal Review: HDFC Bank
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