Finsamudra Desk
India's largest private bank is running an extra internal review into deposit-pricing allegations before formally seeking a term extension for MD & CEO Sashidhar Jagdishan.
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.
For DSAs and connectors sourcing business through HDFC Bank, leadership continuity at the top shapes product pricing, credit policy stability, and sanction turnaround times. A board that pauses a routine CEO extension to clear governance questions signals that deposit and lending pricing practices are under closer internal scrutiny — relevant for any partner relying on the bank's large corporate deposit book for funding costs.
Lenders and NBFCs watching HDFC Bank's governance moves get a data point on how India's largest private bank handles regulator-facing decisions: no shortcuts on RBI submissions, even at scale. That sets a reference bar other banks' boards may be measured against when their own CEO reappointments come up.
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