Dinesh Kumar Khara, former Chairman of State Bank of India, is in focus after HDFC Bank's MD & CEO, Sashidhar Jagdishan, announced he will not seek a new term when his tenure ends in October.
Jagdishan's decision has put succession at India's largest private-sector bank in the spotlight.
A CNBC-TV18 report, citing sources, suggested that Khara is in the running for the next HDFC Bank MD & CEO. LiveMint could not independently verify the news report.
Dinesh Kumar Khara is a veteran banker who served as the Chairman of the State Bank of India (SBI) from October 2020 to August 2024 and is known for his decisive leadership and successful digital transformation initiatives.
Dinesh Khara is in consideration for the next CEO of HDFC Bank due to his extensive experience and proven track record in leading large banking institutions, especially after Sashidhar Jagdishan's decision not to seek a new term.
Dinesh Khara was instrumental in orchestrating the merger of SBI with its five associate banks and Bharatiya Mahila Bank, as well as launching SBI’s digital banking platform, YONO, which significantly increased its user base.
Dinesh Khara emphasizes swift decision-making and believes that indecision can be more detrimental than making a wrong decision, advocating for a straightforward approach to leadership.
HDFC Bank should consider both internal and external candidates due to regulatory requirements, which may enhance the selection process while ensuring they find the best fit for the leadership role.
The news outlet, citing sources, also said the board had approached Khara for the part-time chairman role, which he declined. This followed Atanu Chakraborty's exit in March and Rajiv Kumar's appointment as part-time Chairman.
“I have no clue about it and genuinely have no comment on the subject," Khara told CNBC-TV18.
A Reuters report, meanwhile, suggested that Kaizad Bharucha, Deputy Managing Director of HDFC Bank since 2023, is the frontrunner for the top post.
Sources told CNBC-TV18 that Bharucha's 15-year tenure as a full-time director will end in 2029, making his run to the top relatively short and potentially limiting his chances.
According to CNBC-TV18, HDFC Bank is also considering other SBI managing directors as possible candidates, given their experience in leading a large bank.
While there is no official word from HDFC Bank, here's a look at Khara's career — a name reportedly emerging as a contender for the top post.
Dinesh Kumar Khara is a veteran banker who served as the Chairman of the country's largest public-sector lender, the State Bank of India (SBI), from 7 October 2020 to 28 August 2024.
