Former Reserve Bank of India Deputy Governor M Rajeshwar Rao has emerged as a leading contender for the chairman&rsquo;s post at HDFC Bank, according to news reports.&nbsp;
The bank is expected to submit its recommendation for the position to the <a href="https://www.mid-day.com/business/business-news/article/rbi-eases-investment-rules-for-overseas-individuals-in-indian-equity-markets-23635396" target="_blank" rel="nofollow noopener">RBI</a> soon, as interim chairman Keki Mistry&rsquo;s tenure is set to conclude on June 18.
While Mistry&rsquo;s term could be extended until a permanent appointment is made, sources indicated that his role was always intended to be temporary. The chairman&rsquo;s position is expected to remain independent, and Mistry&rsquo;s long-standing association with HDFC Bank may raise concerns over potential conflicts of interest.
The leadership transition follows the resignation of former part-time chairman Atanu Chakraborty in March 2026. Chakraborty stepped down, citing concerns that certain practices at the bank were inconsistent with his personal values and ethical standards, while clarifying that no material or operational issues influenced his decision.
Following his exit, <a href="https://www.mid-day.com/business/business-news/article/hdfc-bank-stock-declines-after-report-flags-alleged-payment-irregularities-and-internal-probe-23632452" target="_blank" rel="nofollow noopener">HDFC Bank</a> appointed Mistry as interim part-time chairman for a three-month period. Chakraborty&rsquo;s resignation also prompted greater scrutiny of the bank&rsquo;s governance framework and succession planning processes, attracting increased regulatory attention. HDFC Bank and Rajeshwar Rao had not responded to requests for comment at the time of reporting.
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Former Reserve Bank of India Deputy Governor M Rajeshwar Rao has emerged as a leading contender for the chairman’s post at HDFC Bank

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The bank is expected to submit its recommendation for the position to the RBI soon, as interim chairman Keki Mistry’s tenure is set to conclude on June 18

Ex-RBI deputy governor Rajeshwar Rao emerges as frontrunner for HDFC Bank chairman post

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