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HDFC Bank in a regulatory filing says the RBI, through a letter dated June 18, approved continuation of Mistry’s tenure beyond the initial 3-month period that began in March 2026.
HDFC Bank Chairman Keki Mistry. (File Photo)
HDFC Bank, India’s largest private sector lender, on Thursday said it has received approval from the Reserve Bank of India (RBI) to extend the tenure of its interim chairman Keki Mistry by another three months, or until a regular chairman is appointed.
The bank informed stock exchanges on Thursday that the RBI, in a letter dated June 18, extended Mistry’s tenure “for a further period of three months… or till appointment of a regular part-time Chairman, whichever is earlier”, HDFC Bank said in the filing.
“The RBI vide its communication dated June 18, 2026, has granted approval for the extension of tenure of Mr. Keki Mistry (DIN: 00008886) as an interim Part-time Chairman of the Bank for a further period of 3 (three) months until September 18, 2026 or till appointment of a regular Part-time Chairman, whichever is earlier,” the lender added.
Interim Role Extended Amid Leadership Transition
Mistry was appointed interim chairman after former chairman Atanu Chakraborty stepped down in March. Chakraborty had cited an “incongruence” between his personal values and certain practices at the bank as the reason for his resignation, though he did not provide further details.
The latest approval ensures continuity at the board level while the bank completes the process of identifying and appointing a permanent part-time chairman.
Veteran HDFC Group Executive
A long-time member of the HDFC group, Mistry previously served as the chief executive officer of Housing Development Finance Corporation (HDFC Ltd), India’s largest mortgage lender before its merger with HDFC Bank in 2023.
He has been closely associated with the group’s growth and transformation over several decades and continues to play a key role in the lender’s governance framework.
Market Reaction to Chairman’s Exit
Chakraborty’s sudden resignation earlier this year triggered concerns among investors, leading to a sharp decline in HDFC Bank’s share price. The stock fell nearly 14% in the days following the announcement, eroding about $16 billion in market capitalisation.
The development also prompted the RBI to issue an uncommon public statement aimed at reassuring depositors and investors about the financial strength and stability of the bank, which is widely regarded as systemically important to India’s banking sector.
Governance Review Found No Major Issues
Following the leadership change, HDFC Bank initiated a review of its governance practices. According to a Reuters report published in May, legal firms examining the bank’s governance framework were expected to conclude that no significant lapses had been identified.
The extension of Mistry’s tenure is expected to provide stability during the transition period as the lender continues its search for a permanent chairman.
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