The Reserve Bank of India (RBI) has approved a three-month extension for Keki Mistry as the interim part-time chairman of HDFC Bank, the lender announced on Thursday. Mistry, who assumed the interim chairman role on March 18, will continue until September 18 or until a regular part-time chairman is appointed, whichever occurs first, according to an exchange filing by HDFC Bank (livemint.com).
Keki Mistry previously served as the chief executive officer of the erstwhile Housing Development Finance Corp. (HDFC) before its merger with HDFC Bank in 2023. His extension was decided amid a board meeting held on Thursday to review findings from law firms investigating concerns raised by former employees, the filing noted. The RBI’s approval ensures continuity in leadership during this period of internal review (livemint.com).
This extension is significant as it maintains leadership stability at HDFC Bank following its merger with HDFC, one of India’s largest housing finance companies. The bank is navigating governance and compliance scrutiny, making Mistry’s continued chairmanship critical. The move aligns with RBI’s oversight role in ensuring sound governance practices in major financial institutions, reinforcing regulatory confidence in HDFC Bank’s management (livemint.com).
HDFC Bank’s next board meeting is expected to address the appointment of a regular part-time chairman. Meanwhile, Mistry’s interim term will last until September 18, providing the bank with leadership continuity during ongoing internal and regulatory processes (livemint.com).