Archive · 4 Sep 2026
Private Banks Begin Leadership Searches Amid CEO Succession Shift
Several private banks in India are preparing to change their top leaders.
HDFC Bank’s chief, Sashidhar Jagdishan, will not seek another term after October 26.
Ujjivan Small Finance Bank’s chief, Sanjeev Nautiyal, has chosen to retire early.
Kotak Mahindra Bank is also planning for a future leadership change.
Fino Payments Bank is looking for a new chief after Rishi Gupta was arrested over alleged GST violations.
Some banks may choose leaders from inside their organizations.
Bank boards select preferred candidates and send their names to the Reserve Bank of India.
These changes together show a major leadership transition across the private banking sector.
HDFC Bank has begun searching for a successor to MD and CEO Sashidhar Jagdishan, whose term ends on October 26.
Ujjivan Small Finance Bank is seeking a new chief after Sanjeev Nautiyal opted for early retirement.
Kotak Mahindra Bank is reportedly considering internal candidates before Ashok Vaswani’s term ends on December 31, 2026.
Fino Payments Bank started a CEO search after Rishi Gupta was arrested over alleged GST law violations.
Bank boards typically recommend shortlisted CEO candidates to the Reserve Bank of India for approval.
- Who
- HDFC Bank, Ujjivan Small Finance Bank, Kotak Mahindra Bank and Fino Payments Bank, along with their departing or interim leaders.
- What
- Several private-sector banks are searching for new managing directors and chief executive officers.
- When
- The changes are occurring during an ongoing succession cycle; Jagdishan’s term ends October 26, and Vaswani’s term ends December 31, 2026.
- Where
- India’s private banking sector.
- Why
- Leadership changes follow decisions not to seek reappointment, early retirement, a planned succession, and an arrest over alleged GST law violations.
- HDFC Bank
- MD and CEO Sashidhar Jagdishan will not seek reappointment when his term ends on October 26.
- Ujjivan Small Finance Bank
- MD and CEO Sanjeev Nautiyal sought early retirement; Carol Furtado is serving as interim chief.
- Kotak Mahindra Bank
- MD and CEO Ashok Vaswani decided against seeking an extension beyond December 31, 2026.
- Fino Payments Bank
- CFO Ketan Merchant became interim head after Rishi Gupta’s arrest in February.
- Regulatory process
- Bank boards shortlist candidates and submit preferred names to the Reserve Bank of India for approval.
- Additional leadership change
- HDFC Bank’s non-executive chairman Atanu Chakraborty resigned in March.