Who Is Keki Mistry, Whom HDFC Bank Has Turned To In Leadership Crisis
· Free Press Journal
The resignation of HDFC Bank’s part-time chairman and independent director Atanu Chakraborty has sent shock waves in the banking and investors circles as the former IAS (Indian Administrative Service) officer cited ethical concerns for his decision.
However, India’s largest private sector lender has appointed Keki Mistry as an interim part-time chairman of the bank with effect from March 19, 2026, for a period of 3 months.
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Early career
Mistry has had a long-time relation with HDFC Bank. Before the merger of Housing Development Finance Corporation (HDFC) with the HDFC Bank in 2023, Mistry was the former’s vice chairman and chief executive officer.
A chartered accountant by education and a long-time member of the Institute of Chartered Accountants of India, he has come with over four decades of varied work experience in banking and financial services domain.
According to Mistry’s profile on the website of Tata Consultancy Services, he began his career with AF Ferguson & Co, a leading chartered accountancy firm, in 1975. It was followed by short stints with Hindustan Unilever and Indian Hotels Company.
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In 1981, he joined HDFC, which was one of India’s biggest housing finance company. Over the years he held several responsibilities, prior to being inducted onto its Board as executive director in 1993.
He was appointed as the managing director in 2000, as the vice chairman and managing director in October 2007 and was the vice-chairman and chief executive officer of HDFC in 2010.
With the amalgamation of HDFC Ltd. with HDFC Bank, Mistry superannuated from HDFC and was appointed as a non-executive director on the Board of HDFC Bank from June 30, 2023.
Apart from being responsible for the overall functioning of HDFC, Mistry played a critical role in the successful transformation of HDFC into India’s leading financial services conglomerate.
He facilitated the formation of companies including HDFC Bank Limited, HDFC Asset Management Company Limited, HDFC Life Insurance Company Limited and HDFC ERGO General Insurance Company Limited.
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Apart from his key role in the growth of HDFC, Mistry is also part of various government advisory committees to formulate policies for the growth of India’s financial sector.
According to the website of HDFC Bank, he is the chairman of the Primary Market Advisory committee (PMAC) constituted by the Securities and Exchange Board of India (SEBI).
He is also the Co-Chair of the B20 (South Africa 2025) Task Force on Integrity & Compliance. He also serves as a member of the Expert Committee constituted by SEBI for facilitating ease of doing business and harmonisation of the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 with that of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Mistry also chairs the Working Group 1 of the Expert Committee. He is also a Chairman of the Governance Committee of Corporate Debt Market Development Fund of SBI Fund Management Ltd and FICCI’s Capital Markets Committee - specialised sub-group on Debt.
Mr. Mistry is also a member of Standing Committee on Primary Markets, which has been constituted by the International Financial Services Centres Authority (IFSCA).
Looking at Mistry’s expertise and vast experience in the financial sector, it is understandable that HDFC has appointed him as the interim head at a time of leadership crisis.
Though appointed for just three months, Mistry will have to hand over the responsibility to able shoulders while also addressing the ethical concerns that Chakraborty flagged in his resignation.