India’s biggest private-sector lender has begun its leadership search and says it will speed up the exercise for an orderly handover. Bharucha has emerged as a leading internal contender, but the appointment has not been decided.

RBI requirements mean the bank must propose multiple candidates, prompting it to look outside the organisation too. The regulator gives the final approval for such appointments. Bharucha currently oversees retail and wholesale banking. His retirement is due in 2029, leaving him eligible for consideration under the RBI’s 15-year limit for whole-time directors, subject to board and regulatory approval.

The search follows a difficult stretch for HDFC Bank. Its shares have fallen around 27% this year. Chairman Atanu Chakraborty’s abrupt exit in March, after he flagged concerns about internal practices, added to the strain. A subsequent legal examination found no evidence of misconduct.

Investors have also questioned how quickly the bank is gaining from its 2023 merger with HDFC Ltd. Separately, the board has penalised Jagdishan and three other officials over bulk-deposit pricing issues. Against this backdrop, the leadership selection puts both continuity and the bank’s future direction in focus.