RBI Urges HDFC Bank To Speed Up Non-Executive Chairman Appointment

The Reserve Bank of India has pressed HDFC Bank to expedite the process of appointing a non-executive part-time chairman, with Keki Mistry's interim tenure set to conclude. The regulator has expressed concern that key strategic and governance decisions could face delays without a permanent chairman in place.

The nomination and remuneration committee has forwarded several names for consideration, and the overall selection process is expected to conclude by end of June. Discussions have been held with former senior bankers and retired officials, though no final candidate has been selected yet.

Under RBI regulations, a bank's chairman must be a non-executive and independent director. Mistry may continue temporarily until a successor is appointed, with any extension limited to three months at most.