At HDFC Bank, Sashidhar Jagdishan has opted against another term when his current tenure finishes on October 26. He has spent almost three decades at the lender. The bank says it expects to select his replacement early enough to keep the handover orderly for employees and customers.

Jagdishan’s tenure included the removal in 2022 of RBI restrictions on issuing fresh credit cards. More recently, HDFC Bank has faced penalties concerning large deposits linked to a Maharashtra government body, along with issues involving investment-product sales to Dubai-based NRI customers. Its chairman also stepped down earlier this year, raising ethical concerns.

Kotak Mahindra Bank is considering internal contenders after Ashok Vaswani withdrew from an extension in June. Although his tenure was due to run until late 2026, the lender is seeking an earlier handover. Ujjivan SFB’s Sanjeev Nautiyal requested early retirement within months of arriving from SBI. Fino Payments Bank is nearing a selection following GST-related legal troubles involving its former chief.

The searches come amid greater RBI scrutiny of bank governance. Boards first select candidates for the regulator’s consideration. RBI then assesses their suitability through its fit-and-proper process, and its approval is necessary before an appointee can assume charge. The reports do not identify the eventual successors.