Archive · 31 Aug 2026
Khara, Bharucha Emerge as HDFC Bank CEO Contenders
HDFC Bank needs a new chief because Sashidhar Jagdishan will leave on October 26, 2026.
Two names mentioned in reports are Dinesh Khara and Kaizad Bharucha.
Khara used to lead the State Bank of India, one of India’s biggest banks.
He helped manage major bank mergers and expanded SBI’s YONO digital service.
Bharucha already works as a senior executive at HDFC Bank.
Reuters described Bharucha as a leading internal candidate.
CNBC-TV18 reported that Khara was also being considered, but Khara said he had no comment and denied being approached for the full-time job.
HDFC Bank has not officially announced its choice.
Rules about how long a bank director can serve may affect Bharucha’s candidacy.
HDFC Bank CEO Sashidhar Jagdishan will step down on October 26, 2026, after declining to seek reappointment.
Reports name former State Bank of India chairman Dinesh Kumar Khara and HDFC Bank deputy managing director Kaizad Bharucha as possible successors.
CNBC-TV18 reported Khara was being considered, while Khara denied that HDFC Bank had approached him for the full-time position.
Reuters identified Bharucha as a leading internal candidate, though RBI tenure rules could affect his eligibility for a full three-year term.
Khara led SBI from October 2020 to August 2024 and oversaw major mergers and the expansion of its YONO digital platform.
- Who
- Dinesh Kumar Khara, Kaizad Bharucha, Sashidhar Jagdishan and HDFC Bank are central to the succession process.
- What
- HDFC Bank is seeking a new managing director and chief executive officer after Jagdishan decided not to seek reappointment.
- When
- Jagdishan is due to step down on October 26, 2026; Khara led SBI from 7 October 2020 to 28 August 2024.
- Where
- The succession concerns HDFC Bank in India; Khara’s previous leadership was at the State Bank of India.
- Why
- HDFC Bank must select a successor after Jagdishan chose not to seek another term.
External Candidate
Internal Candidate
Who may lead HDFC Bank
External Candidate
CNBC-TV18 reported that former SBI chairman Dinesh Kumar Khara was being considered, although Khara denied that HDFC Bank had approached him for the full-time role.
Internal Candidate
Reuters reported that HDFC Bank deputy managing director Kaizad Bharucha had emerged as a leading internal candidate.
Relevant experience
External Candidate
Khara is described as a veteran banker who led SBI, managed major mergers and drove the expansion of its YONO digital platform.
Internal Candidate
Bharucha already serves in HDFC Bank’s senior management and joined its board in 2014, making him the longest-serving executive board member, according to the report.
Regulatory and timing constraints
External Candidate
An external appointment could avoid the reported concern about the length of Bharucha’s remaining whole-time-director tenure.
Internal Candidate
Sources said RBI rules cap a whole-time director’s tenure at 15 years, meaning the RBI may need to relax its norms if Bharucha is to complete a three-year CEO term.
- Current HDFC Bank CEO
- Sashidhar Jagdishan, who will step down on October 26, 2026
- Reported external candidate
- Dinesh Kumar Khara, former chairman of the State Bank of India
- Reported internal candidate
- Kaizad Bharucha, HDFC Bank’s deputy managing director since 2023
- Khara’s SBI tenure
- 7 October 2020 to 28 August 2024
- Khara’s SBI initiatives
- He was credited with overseeing SBI’s merger with five associate banks and Bharatiya Mahila Bank and expanding YONO beyond 27 million registered users
- Bharucha’s tenure issue
- He joined the HDFC Bank board in 2014, and sources said RBI rules cap a whole-time director’s tenure at 15 years
- Official status
- HDFC Bank has not publicly confirmed a successor; Khara denied being approached for the full-time position
