HDFC Bank Ltd

HDFC Bank Limited has announced the appointment of Mr. Anup Bagchi as an Additional Director and as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank. This appointment is in place of Mr. Sashidhar Jagdishan. The Reserve Bank of India (RBI) has approved Mr. Bagchi's appointment as MD & CEO for a period of three years, effective October 27, 2026, along with his remuneration. The Board of Directors, based on the recommendation of the Governance, Nomination and Remuneration Committee, approved his appointment as an Additional Director effective October 2, 2026, and as MD & CEO effective October 27, 2026, subject to shareholder approval. Mr. Bagchi brings over three decades of experience in financial services, including leadership roles at ICICI Group.

HDFC Bank Ltd announced the retirement of Mr. Sudhir Kumar Jha, Group Head - Legal & Group General Counsel, effective September 30, 2026. Mr. Jha, who served the bank for 22 years, played a crucial role in strengthening the legal and compliance framework and managing legal risks. The bank acknowledged his dedicated service. Mr. Jigar Shah, currently General Counsel – Designate, will succeed Mr. Jha as General Counsel from October 1, 2026. Previous disclosures regarding Mr. Shah's appointment have already been made.

HDFC Bank Ltd announced the appointment of Mr. V. N. Srivatsan as its new Chief Compliance Officer (CCO), effective from his joining date of January 4, 2027, for a term of three years. This appointment follows the completion of Mr. Rakesh Kumar Rajput's tenure as CCO, which concluded on September 30, 2026. During the interim period, Mr. Venkateswaran L will serve as the acting CCO. Mr. Srivatsan brings approximately 34 years of professional experience, including 25 years in the BFSI sector and significant expertise in compliance and regulatory matters, having previously held senior compliance roles at ICICI Bank. The Board of Directors approved this appointment based on recommendations from the Audit Committee and the Governance, Nomination and Remuneration Committee.

HDFC Bank Ltd has announced that its Board of Directors will convene on October 17, 2026. The primary agenda item is to consider and approve the unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026. Additionally, the bank has informed about a trading window closure for designated employees and their immediate relatives, effective from September 24, 2026, until October 19, 2026, in compliance with the bank's share dealing code and SEBI regulations.

HDFC Bank's Board of Directors, following recommendations from the Governance, Nomination and Remuneration Committee, has approved key appointments and re-appointments pending RBI approval. The board submitted two candidates for the Managing Director & Chief Executive Officer position for a three-year term. Mr. V. Srinivasa Rangan was re-appointed as Whole-time Director (Executive Director) for one year, and Mr. Jimmy Tata was appointed as a Whole-time Director (Executive Director) for three years, subject to RBI approval. Additionally, the bank will create one more Whole-time Director position to enhance synergy and succession planning. None of the individuals are related to existing directors or key management personnel and are not debarred from holding office.

HDFC Bank's Governance, Nomination and Remuneration Committee (GNRC) has approved the grant of equity stock options and restricted stock units (RSUs) under its employee incentive schemes. A total of 5,86,95,020 stock options were granted under ESOS – Plan H-2024 (ESOS 063) at a grant price of ₹712.10. Additionally, 2,90,430 stock options were granted under ESOS 064 at the same price. The bank also granted 1,53,73,400 RSUs under the Employees’ Stock Incentive Master Scheme – 2022 (RSU 018) at ₹1, and 65,287 RSUs under RSU 019 at ₹1. A further 12,80,130 RSUs were granted under RSU 020 at ₹1. Vesting schedules vary across these grants, with exercise periods ranging from 1 to 4 years post-vesting. These grants are in compliance with SEBI regulations.

HDFC Bank Limited has announced the exercise of its call option on INR 7,39,00,00,000 (₹7,390 Crore) Additional Tier 1 (AT1) notes. These Rupee Denominated bonds were issued overseas on September 30, 2021. The bank will redeem these bonds in full on the First Call Date, September 30, 2026, at 100% of the principal amount outstanding, plus accrued interest. A notice of redemption will be issued to bondholders by the Trustee, Citibank, N.A, London Branch, on September 1, 2026. This action is in accordance with the terms of the Trust Deed and Condition 7.3 (Redemption at the Option of the Issuer).

HDFC Bank Ltd has been assigned an ESG rating of 74.4 by SES ESG Research Private Limited. The rating was assigned on August 30, 2026, and intimated to the bank on August 31, 2026. The bank clarified that it did not engage SES ESG Research for this rating, and it was independently prepared based on publicly available information. This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

HDFC Bank announced that its Managing Director & Chief Executive Officer, Mr. Sashidhar Jagdishan, has decided not to seek reappointment. The Board of Directors has accepted his decision, and he will retire at the close of business hours on October 26, 2026. The Board expressed appreciation for his leadership and contributions, particularly during the recent merger. They have committed to accelerating the process of selecting and appointing his successor.

HDFC Bank announced that its Managing Director & Chief Executive Officer, Mr. Sashidhar Jagdishan, has decided not to seek re-appointment. The Board of Directors has accepted his decision, and he will retire upon the close of business hours on October 26, 2026. The Board expressed appreciation for his leadership and contributions, particularly during the recent merger. They have also decided to expedite the process of selecting and appointing his successor.