HDFC Bank has held back its formal recommendation to the Reserve Bank of India for reappointing MD & CEO Sashidhar Jagdishan, whose current term ends in October 2026.
The delay stems from an extra internal review by the bank's independent directors, triggered by media reports alleging preferential interest rates were offered on certain large corporate deposits.
Sources indicate no evidence of wrongdoing has been found so far. The independent review is expected to conclude by early August.
Rather than sending a proposal to the RBI on the usual timeline, the board is choosing to complete this review first, at a bank operating at roughly ₹30-lakh-crore scale.
