Sashidhar Jagdishan Will Be Next CEO Of HDFC Bank

Mumbai: The Reserve Bank of India (RBI) on Tuesday cleared the name of Sashidhar Jagdishan as the next chief executive officer (CEO) of HDFC Bank. Jagdishan’s selection confirms HDFC Bank’s outgoing Chief Aditya Puri’s recent comments that his successor will be an insider. Sashidhar Jagdishan will replace outgoing chief Aditya Puri who will step down in October after a 26-year stint at the bank.

Jagdishan is currently serving as the additional director of HDFC Bank and has been with the bank for nearly three decades. Jagdishan served as the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.

He joined the bank around 1996 as a Manager in the Finance function, and then went on to become Business Head – Finance in 1999 and Chief Financial Officer in the year 2008.

Jagdishan, along with Kaizad Bharucha, another HDFC Bank senior executive, was among the top three names recommended by the bank to RBI early this year. The third name was Sunil Garg, CEO of Citi Commercial Bank.

Puri’s term is ending in October this year. Paresh Sukthankar, deputy managing director of HDFC Bank and a trusted lieutenant of Puri was seen as a worthy successor to his boss. But Sukthankar surprised the markets by quitting in August 2018, thereby confirming the ensuing hunt for another candidate.

Jagdishan will be taking over at a time when the banking industry is in the middle of a crisis following the onset of Covid-19. About 9 per cent of the HDFC Bank’s loan book is under moratorium as on June 30. The bank has admitted that COVID-19 has already taken a toll on the retail loan book.

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