HDFC Bank is likely to recommend the name of its permanent chairman to the Reserve Bank of India (RBI) within the next 10-14 days, according to sources familiar with the matter.
The country’s largest private sector lender began the search process for a permanent chairman nearly two months ago and has since held a series of meetings with potential candidates, sources said. The bank has conducted back-to-back interactions with shortlisted contenders and has now likely narrowed its focus to a handful of top candidates for the position.
The appointment assumes significance as the incoming chairman is expected to play a key role in several critical governance and leadership decisions at the bank. Among them is the eventual consideration of Chief Executive Officer and Managing Director Sashidhar Jagdishan’s re-appointment when it comes up for review.
Sources also indicated that the new chairman is likely to closely scrutinise the findings of an external legal firm’s report related to governance matters at the bank before taking a view on the way forward.
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The development comes a day after Keki Mistry was re-appointed as interim chairman of HDFC Bank for a further period of 90 days, effective June 18. The extension was granted to ensure continuity until a permanent chairman is appointed.
However, sources said Mistry is not keen to continue in the role on a permanent basis, reinforcing the urgency of the ongoing search process.
HDFC Bank did not respond to queries sent by NDTV Profit seeking comment on the matter.
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