Who will lead HDFC Bank next is perhaps the biggest question around India’s largest private bank’s leadership transition. While there are many names doing the rounds and current and current Deputy MD Kaizad Bharucha emerges as a front runner, here is a look at the timeline and the process involved in appointing a private bank CEO.  Jefferies, in an earlier report dated July 28, had highlighted typically banks announce the new CEO-designate around eight months before the start of the new term. The RBI approval is expected to follow within the next six months after board approval.

RBI approvals for new CEOs faster now

However, the process from the RBI side has become faster recently. As seen in the case of IndusInd Bank, Federal Bank and Kotak Mahindra Bank CEO appointments, RBI’s approvals have come within 35-90 days.

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Jefferies had undertaken an analysis of CEO appointment trends across 9 private sector banks over the past seven years.

In most cases, the RBI has granted a three-year term, broadly in line with the tenure sought by the bank’s board, Jefferies said.

Here is a detailed look at the CEO appointment dates at leading banks over the past 7 years 

ICICI Bank: RBI approval came 125 days after board nod 

At ICICI Bank, Sandeep Bakshi’s latest appointment for a two-year term was approved by the board on January 17, 2026, followed by RBI approval on May 22, 2026. His new term is scheduled to begin on October 4, 2026, and end on October 3, 2028.

Bakshi was first appointed as ICICI Bank’s MD and CEO by the board on October 15, 2018. The RBI approved his appointment on the same day. His first term began on October 14, 2021.

Axis Bank: RBI approval for CEO’s third term in 6 months

At Axis Bank, Amitabh Chaudhry’s latest appointment for a third term was approved by the board on April 25, 2024, followed by RBI approval on October 10, 2024. His third term began on January 1, 2025.

Chaudhry was first appointed as Axis Bank’s MD and CEO by the board on July 9, 2018. The RBI approved his appointment on September 8, 2018. His first term began on January 1, 2019, and ended on December 31, 2021.

Kotak Mahindra Bank CEO appointment: RBI approval in 93 days 

At Kotak Mahindra Bank, Ashok Vaswani’s appointment as MD and CEO was approved by the board on July 19, 2023, followed by RBI approval on October 20, 2023. His term began on January 1, 2024, and is scheduled to end on December 31, 2026.

Before Vaswani, Uday Kotak’s appointment was approved by the board on May 13, 2020, followed by RBI approval on December 14, 2020. His term began on January 1, 2021, and ended on December 31, 2023.

IndusInd Bank: RBI approval for Rajiv Anand in 35 days 

At IndusInd Bank, Rajiv Anand’s appointment as MD and CEO was approved by the board on June 30, 2025, followed by RBI approval on August 4, 2025. His term began on August 25, 2025, and is scheduled to end on August 24, 2028.

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Before Anand, Sumant Kathpalia’s appointment for a third term was approved by the board on September 27, 2024, followed by RBI approval on March 6, 2025. His term began on March 24, 2025, and ended on March 23, 2026.

IDFC First Bank CEO gets third term: RBI approval in 6 months

At IDFC First Bank, V Vaidyanathan’s latest appointment for a third term was approved by the board on April 27, 2024, followed by RBI approval on September 19, 2024. His third term began on December 19, 2024, and is scheduled to end on December 18, 2027.

Vaidyanathan was first appointed as IDFC First Bank’s MD and CEO by the board on January 13, 2018. The RBI approved his appointment on December 18, 2018. His first term began on December 19, 2018, and ended on December 18, 2021.

Federal Bank CEO: RBI approval came in 40 days after board nod

At Federal Bank, KV Subramanian’s appointment as MD and CEO was approved by the board on June 12, 2024, followed by RBI approval on July 22, 2024. His term began on September 23, 2024, and is scheduled to end on September 22, 2027.

Before Subramanian, Shyam Srinivasan’s appointment was approved by the board on March 31, 2021, followed by RBI approval on July 9, 2021. His term began on September 23, 2021, and ended on September 22, 2024.

Bandhan Bank CEO appointment: RBI approval came in October 2024

At Bandhan Bank, Partha Sengupta’s appointment as MD and CEO was approved by the RBI on October 8, 2024. His term began on November 1, 2024, and is scheduled to end on October 31, 2027. Before Sengupta, Chandra Shekhar Ghosh’s appointment for a subsequent term was approved by the board on November 24, 2023. His term began on July 10, 2024, while the table does not provide an RBI approval date.

AU Small Finance Bank: RBI approval for Sanjay Agarwal’s third term in 4 months 

At AU Small Finance Bank, Sanjay Agarwal’s latest appointment for a third term was approved by the board on October 17, 2025, followed by RBI approval on February 12, 2026. His third term began on April 19, 2026, and is scheduled to end on April 18, 2029.

Agarwal was first appointed as AU Small Finance Bank’s MD and CEO by the board on October 21, 2019. The RBI approved his appointment on April 8, 2020. His first term began on April 19, 2020, and ended on April 18, 2023.

HDFC Bank

At HDFC Bank, Sashidhar Jagdishan’s current term, also his second term, was approved by the board on March 4, 2023, followed by RBI approval on September 18, 2023. His second term began on October 27, 2023, and is scheduled to end on October 26, 2026.

Jagdishan was first appointed as HDFC Bank’s MD and CEO by the board on April 18, 2020. The RBI approved his appointment on August 3, 2020. His first term began on October 27, 2020, and ended on October 26, 2023.

Important to note, HDFC Bank’s board had recently appointed Rajiv Kumar as part-time chairman for a three-year term.

HDFC Bank: All eyes on the next CEO announcement 

Jefferies believes that this leadership “transition is likely to impact revenue momentum on deposit mobilisation and fees.” While they are trimming earnings estimates for FY27-29 by 3% each, they “don’t see risk to asset quality, as the bank has sustained high quality.”

As for the RBI approval, that will be considered after the board decides on a name. For now, names of several potential contenders are doing the rounds, including insiders like Kaizad Bharucha and other industry veterans. 

Jefferies listed many names, including Anup Bagchi (currently CEO at ICICI Pru Life & previously ED at ICICI Bank leading retail banking), Paresh Sukthankar (earlier DMD at HDFC Bank, but exited the bank in 2018), Vibha Padalkar (CEO of HDFCLife) and Rajiv Sabharwal (currently CEO of Tata Capital), Amitabh Chaudhry (CEO of Axis Bank).