The Reserve Bank of India (RBI) has approved an extension of the tenure of Keki Mistry as Interim Part-time Chairman of HDFC Bank for a further period of three months, until September 18, 2026, or until the appointment of a regular Part-time Chairman, whichever is earlier.
The extension comes amid the bank’s ongoing efforts to complete its chairman succession process following the unexpected resignation of former chairman Atanu Chakraborty earlier this year.
Leadership transition
Mistry was appointed interim chairman in March after Chakraborty stepped down, citing concerns over “certain happenings and practices” within the bank that he said were not aligned with his personal values and ethics. The resignation triggered intense scrutiny of governance practices at India’s largest private-sector lender and led to a sharp decline in the bank’s market value at the time.
A veteran of the HDFC Group, Mistry previously served as Vice Chairman and CEO of Housing Development Finance Corporation (HDFC Ltd) before its merger with HDFC Bank in 2023. His appointment was widely viewed as a stabilising move during a period of heightened investor concern.
Legal review nears conclusion
Following Chakraborty’s resignation, HDFC Bank’s board appointed external law firms to examine the concerns raised in his resignation letter and review governance-related matters within the bank.
According to recent reports, the legal review is nearing completion and preliminary findings have not identified any major governance lapses or material irregularities requiring corrective action. Sources familiar with the matter indicated that the law firms found no merit in the issues flagged by the former chairman. The board was scheduled to review the findings at its meeting on June 18.
The bank has consistently maintained that its governance standards, oversight mechanisms and internal controls remain robust.
AGM scheduled for August 5
HDFC Bank announced that its 32nd Annual General Meeting (AGM) will be held on August 5, 2026, at 2 pm through two-way video conferencing and other audio-visual means.
The bank also informed shareholders that dividend payments, if approved, will be made on or after August 6, 2026.
Focus on continuity
The extension of Mistry’s tenure is expected to provide continuity at the board level while the bank completes the process of selecting a permanent chairman.