Former RBI Deputy Governor M. Rajeshwar Rao is among the names being considered for HDFC Bank chairman post, people in the know told NDTV Profit on Tuesday.
Further, HDFC Bank likely to submit its chairman recommendation to the Reserve Bank of India shortly. The development comes as interim Chair Keki Mistry's term is slated to end on June 18.
However, the term may be extended until a new chairman is appointed. An email sent to HDFC Bank seeking comment and a message sent to Rajeshwar Rao remained unanswered.
ALSO READ: HDFC Bank Part-Time Chairman Atanu Chakraborty Resigns, Cites Ethical Concerns
HDFC Bank caused a stir in the banking world after its former part-time Chairman Atanu Chakraborty resigned back in March, 2026, citing concerns over practices that he said were not aligned with his personal values and ethics.
In his resignation note, Chakraborty stated that his decision was driven by issues related to principles rather than any operational or material factors. He clarified that there were “no other material reasons” behind his move.
Mistry was appointed as the interim part-time chair following Chakraborty's resignation for a three-month period.
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.
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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.
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