HDFC Bank has started the process of identifying a successor to its Chief Financial Officer (CFO), Srinivasan Vaidyanathan, whose current tenure is scheduled to conclude in October 2026. According to sources, the bank may not grant him a further extension, in line with its evolving policy on senior leadership succession and retirement.

The lender has reportedly begun engaging with senior finance professionals from across the banking industry, including executives associated with leading private sector banks, to evaluate potential candidates for the CFO role. The search gained urgency following the recent departure of Bhavin Lakhpatwala, a long-serving HDFC Bank executive who joined RBL Bank as CFO and was considered a potential internal successor to Vaidyanathan.

Sources indicated that while the preference is to finalize a new candidate before October, the possibility of a short-term extension for Vaidyanathan remains open if the selection process remains inconclusive. Such an extension would likely be limited and dependent on the availability and willingness of shortlisted candidates.

The CFO succession process is taking place alongside other key leadership transitions at the bank. The tenure of interim chairman Keki Mistry is expected to end in July, with reports suggesting that an extension request has been submitted while the board evaluates potential successors. Additionally, the board is expected to soon make recommendations regarding the renewal of Managing Director and CEO Sashidhar Jagdishan’s term, which is also due to expire in October 2026.

HDFC Bank's board is understood to have adopted a more selective approach toward granting tenure extensions to senior executives who have crossed the superannuation age. The bank's policy sets the retirement age for key managerial personnel at 60 years. Vaidyanathan, who is approximately 63 years old, is currently serving on an extended tenure.

Vaidyanathan joined HDFC Bank in 2018 as Group Head of Finance and later became CFO when Sashidhar Jagdishan transitioned from the finance role as part of the leadership succession plan initiated under former CEO Aditya Puri. Before joining HDFC Bank, Vaidyanathan held senior finance positions at Citigroup in New York.

Recent examples of senior executives not receiving further extensions after reaching retirement age include former payments and liabilities head Parag Rao, former internal audit head V Chakrapani, and former Chief Human Resources Officer Vinay Razdan. According to industry sources, the board's stance reflects a broader effort to promote leadership renewal and bring new talent into the organization.