Jagdishan will not seek an extension, according to the Economic Times report. The bank is looking at candidates from within its leadership team as well as outside the organisation. The search therefore covers both internal executives and potential external hires, rather than being limited to one route.

An executive search firm is expected to be appointed during the week referred to in the report. That appointment is described as likely, not completed. The report does not identify the firm or provide a confirmed date for its appointment.

Bharucha and Rangan are the two potential candidates named in the supplied information. Bharucha serves as deputy managing director, while Rangan is an executive director. Their inclusion in the search does not amount to a selection, and the report does not say that either executive is the preferred choice.

No final successor, handover date or reason for Jagdishan’s decision is stated in the supplied report. For now, the development is an accelerated leadership search, with both internal and external options under consideration.