- Keki Mistry's term as HDFC Bank interim chairman extended by 90 days by RBI
- HDFC Bank is finalizing a permanent chairman and will soon recommend to RBI
- Mistry became interim chairman after Atanu Chakraborty's unexpected resignation
The Reserve Bank of India (RBI) has approved the re-appointment of Keki Mistry as the part-time chairman of HDFC Bank for a further period of 90 days, extending his tenure beyond its scheduled end on June 18.
The extension comes as HDFC Bank is understood to be in the final stages of identifying a permanent chairman and is expected to submit its recommendation to the RBI shortly, people in know had told NDTV Profit.
Mistry was appointed as interim part-time chairman in March 2026 after the unexpected resignation of former chairman Atanu Chakraborty. His appointment was intended as a temporary arrangement to ensure continuity in the bank's governance while the board initiated the search for a permanent successor.
Chakraborty's resignation had sent ripples through the banking sector after he cited concerns over practices that he said were not aligned with his personal values and ethics. In his resignation letter, he clarified that his decision was based on matters of principle and that there were "no other material reasons" behind his exit.
ALSO READ: HDFC Bank Board Meets Thursday, Focus On Chakraborty Exit Findings
His departure prompted heightened scrutiny of HDFC Bank's governance framework and succession planning, with the RBI closely monitoring developments at the country's largest private sector lender.
According to sources, Mistry's appointment was always envisaged as a stop-gap arrangement rather than a long-term solution. The chairman's role is expected to remain independent, and Mistry's long association with the HDFC group could potentially raise conflict-of-interest considerations if the arrangement were to continue indefinitely.
Since Chakraborty's resignation, the RBI has stepped up its engagement with HDFC Bank. Senior officials from the central bank have been meeting members of the bank's board every two to three weeks to review governance standards, board processes and succession planning.
The regulator's decision to grant a 90-day extension provides the bank with additional time to complete the selection process while ensuring continuity at the board level.
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