Change of Guard in HDFC Bank ; Sashidhar Jagdishan to replace Aditya Puri as MD

Mumbai : In a change of guard at HDFC Bank after 26 years, Reserve Bank of India (RBI) has approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of the Bank for a period of three years.

Jagdishan takes over from Aditya Puri, who had probably one of the longest stints as MD and CEO in the private banking space and even in India Inc as a professional CEO at the helm for 26 years.

Jagdishan's tenure is for three years with effect from his date of taking charge, October 27, 2020, under Section 35B of the Banking Regulation Act 1949.

He will be the next MD and CEO of HDFC Bank with effect from October 27. He is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the bank.

HDFC Bank informed the stock exchanges that a meeting of the Board of Directors of the Bank will be convened in due course to approve the appointment of Sashidhar Jagdishan as the Managing Director & CEO of the Bank, in place of Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020.

The bank said in a regulatory filing on Tuesday, that the Reserve Bank of India (RBI) has approved Jagdishan's appointment as the next MD and CEO.

"The Reserve Bank of India (RBI) vide its communication dated August 3, 2020, has approved the appointment of Sashidhar Jagdishan as Managing Director & CEO of the Bank for a period of 3 (three) years w.e.f. his date of taking charge, i.e. October 27, 2020, under Section 35B of the Banking Regulation Act 1949," it said.

Sashidhar Jagdishan (Sashi) joined the Bank in the year 1996 as a Manager in the Finance function. He became Business Head- Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He has played a critical role in supporting the growth trajectory of the Bank.

He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years

"He has played a critical role in supporting the growth trajectory of the Bank. He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years," the filing said.

He has an overall experience of 30 years.

Prior to joining HDFC Bank, Sashi was a Senior Officer in the Country Financial Control Division of Deutsche Bank, AG, Mumbai.

He completed his graduation in Science with specialization in Physics, and is a Chartered Accountant. He also holds a Master's degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.