HDFC Bank next CEO: Check bankers in the running for top job

HDFC Bank Ltd., India’s most valuable lender with a market capitalization of $115 billion, has fast-tracked the search for a chief executive officer after incumbent Sashidhar Jagdishan decided not to seek an extension.

The lender plans to hire an executive search firm as early as this week to begin looking for his successor, according to people familiar with the matter. Hiring a new head quickly is crucial as the bank seeks to move past growing uncertainty since its part-time chairman had an acrimonious exit in March. The new CEO will have to assure investors the bank’s governance systems are robust, as well as boost business at a time when its shares have lagged those of peers.

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HDFC is one of India’s systemically important banks, commanding nearly 12% of the total deposit base as on June 30. The race for the CEO job would pit several veterans within the lender against outsiders who could get a chance to lead India’s largest private sector bank.

While an internal candidate could ensure smoother continuity, appointment of an external candidate would throw up cultural and integration challenges, Vishal Narnolia, analyst at local brokerage ICICI Direct wrote in a note.

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Here are some of the executives who could emerge as frontrunners for the top job:

Kaizad Bharucha

Bharucha, 61, is the deputy managing director of the bank and a three-decade veteran at the lender. He is in charge of retail and wholesale banking at the firm, besides other functions, and is viewed as a front-runner among brokerage houses to take over as CEO, given his experience.

However, there is a regulatory niggle that might come into play. Since Bharucha has served as a whole-time director since 2014, and central bank regulations cap the continuous tenure of a CEO or whole-time director at 15 years, he might not be able to complete a full three-year term.

“While Bharucha’s institutional knowledge and execution credentials could provide valuable continuity, a short tenure would risk deferring rather than resolving the succession question,” Macquarie Group Ltd. analysts, including Suresh Ganapathy, wrote in a note.

V. Srinivasa Rangan

Rangan, 66, is the executive director at the bank and heads functions like human resources, investment banking, legal, information security, ethics, fraud and vigilance.

But Rangan’s appointment would hit the RBI’s 70-year age-limiting factor around 2030, and thus would be eligible for only a single term, brokerage IIFL Capital said in a note. Between Rangan and Bharucha, IIFL Capital’s Senior Vice President Rikin Shah said, the latter could be relatively better placed given he has more experience in running various businesses at the bank.

Jimmy Tata

Tata, the chief credit officer of the bank, is also among the internal candidates to be potentially picked for the role, according to a report by local television channel NDTV Profit. A veteran of more than three decades at the lender with experience across corporate banking, risk and credit, Tata’s long institutional tenure gives him a deep understanding of the bank.

Dinesh Khara

Khara, 65, is a former chairman of State Bank of India and brings nearly four decades of experience at the country’s largest bank. According to a report by CNBC-TV18, Khara is among the front-runners to become CEO.

Khara’s strength in managing a huge balance sheet and a complex financial institution would make him a high-profile external hire. Jefferies said that while investors will be fine with that appointment, the CEO shouldn’t be a past leader from a state-run lender as it “can complicate the transition.”

Amitabh Chaudhry

Chaudhry, 62, is the CEO of Axis Bank Ltd., India’s third-largest private bank, and may be a potential candidate, according to Jefferies. Before joining Axis Bank, Chaudhry had a stint at HDFC Life Insurance Co. that lasted nearly a decade.

He took over as CEO of India’s third-largest private bank by assets in January 2019 and helped the lender complete the acquisition of Citi’s consumer business in India. The move significantly strengthened Axis Bank’s presence in the affluent customer segment, credit cards, wealth management, and retail banking. Chaudhry has also overseen accelerated investments in digital platforms across the bank.

Anup Bagchi

Bagchi, CEO of ICICI Prudential Life Insurance Co., has spent more than three decades in the ICICI Group, working across retail, medium and small scale enterprises, corporate banking, treasury and data analytics. Bagchi brings experience across banking, capital markets and insurance, with a particularly strong retail and distribution background, and can be a CEO candidate, Jefferies said in a note. The caveat is that he has been running an insurer rather than a bank since 2023.

Rajiv Sabharwal

Sabharwal, a veteran banker with more than three decades in financial services, is also seen as a potential CEO candidate, according to Jefferies. He is the CEO at shadow lender Tata Capital Ltd., and has been an executive director at No.2 private sector lender ICICI Bank Ltd., where he oversaw retail, business banking, rural lending, financial inclusion and digital banking. He also had a stint in private equity.

He also has experience running a diversified financial-services group, although he currently heads a shadow lender rather than a commercial bank.

Vibha Padalkar

Vibha Padalkar, CEO of HDFC Life Insurance, is another potential candidate from within the HDFC group who could also be considered for the top banking job, according to Jefferies. She has led HDFC Life since 2018 and brings deep experience in the financial services space. She was reappointed in 2026 for a five-year term.