Mumbai (Maharashtra) [India], September 12 (ANI): HDFC Bank's board has approved the submission of two candidates, in order of preference, for appointment as the bank's Managing Director and Chief Executive Officer for a three-year term, with the proposal now pending approval from the Reserve Bank of India, the bank said in an exchange filing on Saturday.

The board approved the proposal at its meeting on Saturday based on the recommendations of its Governance, Nomination and Remuneration Committee and in accordance with the Banking Regulation Act and RBI's Commercial Banks - Governance Directions, 2025.

The bank did not disclose the names of the two candidates in the filing. It said the candidates' proposed remuneration would also be submitted to the RBI for approval.

As part of the leadership changes, the board also approved the re-appointment of V Srinivasa Rangan as a Whole-time Director, designated as Executive Director, from November 23, 2026 to November 22, 2027, subject to the necessary approvals.

The board further approved the appointment of Jimmy Tata as a Whole-time Director, designated as Executive Director, for three years from the date of RBI approval or such other date or period as specified by the regulator.

The bank also approved the creation of one additional Whole-time Director position, taking the total number of Whole-time Directors on its board to four, apart from the MD and CEO.

HDFC Bank said the additional position is intended to provide "sharper synergy and oversight", including over the bank's subsidiaries, and create a larger pipeline for succession planning.

The new Whole-time Director position will be filled in consultation with the incoming MD and CEO after he or she takes charge, the filing said. Necessary shareholder approvals will be sought in due course.

Rangan, 66, is currently an Executive Director of HDFC Bank and oversees human resources, corporate legal, group oversight and secretarial functions, investment banking, information security, ethics, and fraud and vigilance. He was earlier Executive Director and Chief Financial Officer of HDFC Ltd before its amalgamation with HDFC Bank in July 2023.

Tata has more than 35 years of experience in the banking and financial services sector and has been associated with HDFC Bank since 1994. He is currently the bank's Chief Credit Officer and had earlier served as its Chief Risk Officer.

The leadership proposals remain subject to regulatory approvals, with the bank expected to seek shareholder approval where required. (ANI)