HDFC Bank has begun a fast search for its next chief executive after Sashidhar Jagdishan declined another term. Jagdishan will retire on October 26, 2026, ending six years at the head of India’s largest private lender. The board plans to complete the HDFC Bank CEO appointment before his departure.
Deputy Managing Director Kaizad Bharucha has moved into focus. People familiar with the process describe him as a “possible successor,” but HDFC Bank has not announced a final choice. The bank must also send multiple names to the Reserve Bank of India and obtain regulatory approval.
Bharucha featured in the 2020 search to replace Aditya Puri. HDFC Bank ultimately chose Jagdishan, who took charge in October that year. Bharucha stayed with the lender and later moved higher in its leadership structure. That history has returned to attention during the current HDFC Bank CEO search.
Bharucha serves as deputy managing director and oversees retail and wholesale operations. The RBI approved his promotion to that post in April 2023. His long service gives him knowledge of the bank’s businesses, staff and risk systems. An internal appointment could therefore keep management changes limited during the handover.
The selection process will not involve one name alone. RBI rules require private banks to submit a panel containing at least two candidates in order of preference. The central bank must approve a private-bank chief executive under the Banking Regulation Act. This step could shape the timetable before Jagdishan leaves office.
Industry sources have identified K Balasubramanian, chief executive of Citi India, and Hitendra Dave, chief executive of HSBC India, as “potential candidates.” Balasubramanian previously led corporate banking at HDFC Bank. Dave runs a large foreign bank operation in India. Neither HDFC Bank nor the two bankers has confirmed their participation.
HDFC Bank has lost several senior leaders from the Aditya Puri period. Retail business head Arvind Kapil left in April 2024. Human resources chief Vinay Razdan departed in June 2025. Parag Rao and Rahul Shukla followed later that year. Executive Director Bhavesh Zaveri left in April 2026.
Those exits leave Bharucha among the bank’s most senior leaders from the earlier management group. Even so, his position does not guarantee selection. The board must compare internal continuity with an external appointment, prepare its formal shortlist and secure RBI clearance. Until those steps are completed, the HDFC Bank CEO race stays open.
The leadership change also comes after a demanding period for the lender. HDFC Bank completed its merger with mortgage provider HDFC Ltd in 2023. It has since managed integration work, technology concerns and governance disputes. Consequently, market participants want a clear appointment process and an orderly transfer of authority.
The bank has said it will speed up the search. Still, it has not named a preferred candidate or disclosed when it will submit names to the RBI. Bharucha’s earlier candidacy and present seniority place him near the centre of the discussion, while the regulator and board retain the final say. A regulatory filing will provide official confirmation once the board completes its work and receives the RBI clearance.
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