RBI has approved the appointment of Sashidhar Jagdishan as the next CEO and Managing Director of HDFC Bank. He will succeed Aditya Puri, who is due to retire on 26th October. He has been appointed for a period of 3 years.

“The Reserve Bank of India has approved the appointment of Mr. Sashidhar Jagdishan as Managing Director & CEO of the Bank for a period of 3 years w.e.f. his date of taking charge, i.e. October 27, 2020, under Section 35B of the Banking Regulation Act 1949,” RBI said in a statement.

Earlier this year, HDFC had sent the names of three people to RBI for the appointment of the CEO:

  1. Sashidhar Jagdishan (CFO, HDFC)
  2. Kaizad Bharucha (Executive Director, HDFC)
  3. Sunil Garg (Global CEO, Citi Commercial Bank)

Sashidhar Jagdishan has been with the bank since 1996 and became the CFO in 2008. He is responsible for finance, business strategy and the bank’s strategic initiatives. He has played a key role in supporting the growth trajectory of the bank.

According to the website, he heads the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

In what could have been a signal towards the appointment, Aditya Puri had elevated him to Change Agent of the bank to lead key strategic decisions.

“There has been a lot of talk about the successor not being with us for a long time. Our potential successor has been with us for 25 years. My successor was always in place, at least in my mind. It is now for RBI to decide,” Puri had indicated at the Bank’s AGM.

Sashidhar Jagdishan has an overall experience of 29 years. He has completed his graduation in Science with specialization in Physics, a Chartered Accountant by profession and also holds a Master’s degree in Economics of Money, Banking & Finance.

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