Athira Sethu
Kochi, 19 June 2026
Approval has been obtained from the Reserve Bank of India (RBI) for the extension of the period of Keki Mistry as an interim and part-time Chairman of HDFC Bank by three more months until September 18, 2026, or prior to such a date in case of a permanent appointment of a Chairman.
It was communicated to the stock exchanges that RBI has granted the extension on the request from HDFC Bank. This development has come in wake of market speculations about the early appointment of a new Chairman. It was noted previously that RBI was considering a number of candidates for the post, which included a former deputy governor of the RBI.
Notably, there was no update given in the latest filing of the company regarding the independent legal review sought to be conducted by the bank after the sudden resignation of the former Chairman Atanu Chakraborty. This move will have a significant influence on the uncertainties related to the reappointment of Managing Director and CEO Sashidhar Jagdishan, whose tenure will expire in October this year.
The legal review of the bank is being carried out by the law firms of Trilegal, Wadia Ghandy & Co, and an international law firm. It is expected that the findings would be submitted to the board of the bank in about three months of the review process. This process had been undertaken due to some complaints by Chakraborty in his resignation letter.
In the month of March 2026, Chakraborty resigned from his position of part-time chairman and independent director immediately. In his resignation letter, he mentioned that there were some things happening in the bank which did not go well with his own ethics.
After his resignation, the Reserve Bank of India accepted Keki Mistry as the interim chairman of the bank from March 19, 2026, initially for three months. Keki Mistry is a seasoned banker and he served as vice chairman of HDFC Ltd. until its merger with HDFC Bank.
Former finance secretary Chakraborty came on board at HDFC Bank in 2021. Chakraborty played an instrumental role in the successful completion of the highly publicized merger of HDFC Bank with HDFC Limited. The merger not only made HDFC Bank India’s second-biggest bank but also increased the scale of the bank to great heights.
However, despite the successful completion of the merger process, Chakraborty had stated in his letter of resignation that all the advantages of such an integration have yet to be fully harnessed. Now that Mistry continues as the interim chairman, it will be seen how the legal process works out and how the chairman is appointed permanently.
