HDFC Bank is yet to announce whether Managing Director and Chief Executive Officer Sashidhar Jagdishan will be reappointed for a third term, even as its board met on July 18 to approve the lender's first-quarter results.
"The Board Meeting commenced at 11.00 a.m. on Saturday, July 18, 2026, and the Board approved the results at 2.00 p.m. Thereafter, the board meeting continued for consideration of other agenda matters," the bank said in a stock exchange filing.
The absence of any announcement on Jagdishan's reappointment comes with his current term set to end in October. Moneycontrol had earlier reported that the bank's Governance, Nomination and Remuneration Committee (GNRC) was expected to recommend his reappointment for a third term without significant opposition.
Under Reserve Bank of India (RBI) norms, a bank's board must recommend the appointment before seeking the regulator's approval. According to sources, the GNRC is expected to recommend a full three-year term for Jagdishan.
The development comes weeks after HDFC Bank appointed Rajiv Kumar as its part-time non-executive chairman, replacing interim chairman Keki Mistry.
The bank has faced heightened governance scrutiny in recent months following the exit of former part-time chairman Atanu Chakraborty. However, a recent legal review cleared the bank of governance-related concerns.
Earlier in the day, HDFC Bank reported a 5 percent year-on-year rise in standalone net profit to Rs 19,060 crore for the June quarter, while its net interest margin (NIM) stood at 3.26 percent.