Former RBI DG Rajeshwar Rao Likely To Replace Keki Mistry As HDFC Bank Chairman

According to a report by NDTV Profit, HDFC Bank is considering former Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao for the position of Chairman. The bank is expected to submit its recommendation to the RBI shortly.

The development comes as interim Chairman Keki Mistry is set to complete his term on June 18, 2026. His tenure may be extended until a new Chairman is appointed.

The succession process follows the resignation of the former Part-Time Chairman, Atanu Chakraborty, in March 2026. Chakraborty had stepped down, citing concerns about practices he said were not aligned with his personal values, and stating there were no other material reasons for his departure.

Rao is an Independent Director and Non-Executive Chairman of Clearing Corporation of India Limited (CCIL), a position he has held since January 2026. He retired as Deputy Governor of RBI on October 8, 2025, after five years in the role and more than 41 years of service at the central bank. A career central banker, he joined the RBI in 1984 and held several leadership positions, including Executive Director, Chief General Manager (CGM) of the Financial Markets Operations Department, and head of the Risk Monitoring Department. He also represented the RBI at international forums, including the Financial Stability Board and the Network for Greening the Financial System. Rao holds a degree in Economics from the University of Cochin, an MBA, and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Mistry served as Vice Chairman and Chief Executive Officer (CEO) of Housing Development Finance Corporation Limited before its merger with HDFC Bank in July 2023. He currently chairs SEBI’s Primary Market Advisory Committee and serves as Co-Chair of the B20 South Africa 2025 Task Force on Integrity and Compliance. Mistry is also a member of several regulatory and industry committees. He serves on the Boards of HDFC Life Insurance Company Ltd., Tata Consultancy Services Ltd., and other financial and corporate entities. He is a Chartered Accountant and Fellow Member of the Institute of Chartered Accountants of India with over four decades of experience in banking and financial services.

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