New Delhi, Aug. 30 -- HDFC Bank Ltd. is likely to name Deputy Managing Director Kaizad Bharucha as one of two options for its next CEO after incumbent Sashidhar Jagdishan retires at the end of his second term in October, two people familiar with the matter said.

India's largest private lender is also searching for an external candidate to align with the Reserve Bank of India's rule that requires banks submit multiple names for the CEO position, the people said, declining to be identified as the information was private. The RBI approves top banking appointments in India.

Neither HDFC Bank nor Bharucha responded to emails seeking comment outside of regular business hours.

The CEO search comes after about six months of upheaval at HDFC Ba...