The Reserve Bank of India has approved a three-month extension of Keki Mistry’s tenure as Interim Part-Time Chairman of HDFC Bank, allowing him to continue in the role until September 18, 2026. The extension, granted pursuant to an application by the bank, ensures leadership continuity at India’s largest private sector lender while its board searches for a permanent chairman. Mistry, a veteran of the HDFC group with over four decades of financial services experience, was initially appointed interim chairman in March 2026 following the abrupt resignation of Atanu Chakraborty.
Who Is Keki Mistry?
Keki Mistry is a Chartered Accountant and a Fellow Member of the Institute of Chartered Accountants of India (ICAI), an institution established in 1949 under the Chartered Accountants Act, 1949. Born in Mumbai in 1954, he began his professional career in 1975 with AF Ferguson and Co, a leading chartered accountancy firm, followed by stints at Hindustan Unilever and Indian Hotels Company.
In 1981, Mistry joined Housing Development Finance Corporation Limited (HDFC Ltd) as an Assistant Manager in Accounts. Over the next four decades, he rose through the ranks to become its Vice Chairman and Chief Executive Officer in January 2010. During his tenure, he played a pivotal role in transforming HDFC Ltd into India’s leading financial services conglomerate. He was instrumental in facilitating the formation of group companies including HDFC Bank, HDFC Asset Management Company, HDFC Life Insurance, and HDFC ERGO General Insurance.
Following the amalgamation of HDFC Ltd with HDFC Bank effective July 1, 2023, Mistry superannuated from HDFC Ltd and was appointed as a Non-Executive Director on the board of HDFC Bank. The merger created the second largest bank in India by assets after the State Bank of India.
Beyond HDFC, Mistry serves as Chairman of the Primary Market Advisory Committee (PMAC) constituted by the Securities and Exchange Board of India (SEBI). He also sits on the boards of several prominent companies including Tata Consultancy Services, The Great Eastern Shipping Company, and Flipkart Internet Private Limited, and serves as a strategic advisor to the Cyrus Poonawalla Group.
Why Did HDFC Bank Need an Interim Chairman?
Mistry’s appointment as interim chairman became necessary after Atanu Chakraborty resigned abruptly from the position of Part-Time Chairman and Independent Director on March 17, 2026. Chakraborty, a former Economic Affairs Secretary who had served in the Department of Financial Services, joined the HDFC Bank board in May 2021. His tenure oversaw one of India’s largest financial sector mergers, the amalgamation of HDFC Ltd with HDFC Bank.
In his resignation letter, Chakraborty stated that certain happenings and practices within the bank observed over the preceding two years were not aligned with his personal values and ethics. The bank clarified that there were no other material reasons for his resignation and commissioned independent legal reviews by law firms to examine the concerns raised.
The RBI acted swiftly, approving Keki Mistry’s appointment as Interim Part-Time Chairman for an initial three-month period effective March 19, 2026. The latest extension maintains this arrangement while the board works to identify a permanent replacement.
The Search for a Permanent Chairman
Under RBI norms, the chairman of a bank’s board must be a non-executive and independent director. The search for a permanent part-time chairman for HDFC Bank formally began in late April 2026, nearly a month after Chakraborty’s exit. The RBI has reportedly urged the bank’s board to accelerate the process.
Several names have been discussed as potential candidates, including M Rajeshwar Rao, a former RBI Deputy Governor, and M Nagaraju, former Secretary of the Department of Financial Services. Reports suggest the board may prefer a former regulator, particularly a former RBI deputy governor, given the regulatory expertise such a candidate would bring.
The leadership transition extends beyond the chairman’s role. Sashidhar Jagdishan’s term as Managing Director and CEO of HDFC Bank is set to end in October 2026, adding another layer of succession planning for the board. The bank’s 32nd Annual General Meeting has been scheduled for August 5, 2026, where a dividend of ₹13 per equity share for the financial year ended March 31, 2026, will be put to shareholder approval.
Key Takeaways
- The RBI approved a three-month extension of Keki Mistry’s tenure as Interim Part-Time Chairman of HDFC Bank until September 18, 2026.
- Keki Mistry is a Chartered Accountant and a Fellow Member of the Institute of Chartered Accountants of India (ICAI), established in 1949.
- He served as Vice Chairman and CEO of HDFC Ltd from 2010 until its amalgamation with HDFC Bank in July 2023.
- HDFC Bank is India’s largest private sector bank and the second largest bank overall by assets after the State Bank of India.
- Atanu Chakraborty, a former Economic Affairs Secretary, resigned as Part-Time Chairman in March 2026, citing ethical concerns.
- Under RBI norms, the chairman of a bank’s board must be a non-executive and independent director.
