The Reserve Bank of India (RBI) has approved the name of Sashidhar Jagdishan for the post of Chief Executive Officer of HDFC Bank. The lender has reportedly received the approval from the central bank last night. Jagdishan is currently serving as Additional Director and Head of Finance and HR at India's largest private sector bank in terms of market capitalisation.
"The Reserve Bank of India (RBI) vide its communication dated August 3, 2020, has approved the appointment of Mr. 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," HDFC said in a statement on Tuesday.
Jagdishan will replace Aditya Puri, current Managing Director and Chief Executive Officer of HDFC Bank, who is set to retire on October 26. "A meeting of the board of directors of the bank will be convened in due course inter-alia to approve the appointment of Jagdishan as the MD & CEO," the bank said. Puri's successor Jagdishan was among the top two internal candidates for the top job at HDFC Bank. Kaizad Barucha, who has the highest board experience, was the senior-most candidate in the fray.
Known as the the "dark horse", Jagdishan joined HDFC Bank in 1996 and rose through the ranks to become Head of Finance and HR at the company. Besides, Sunil Garg from Citibank was also in the fray. Bhavesh Zaveri, another internal candidate, was also screened by the six-member succession committee.
After a 25-year-long illustrious career, Aditya Puri, 69, will retire but he is ready for the second innings. In his recent interaction with Business Today, Puri said he has "enjoyable plans" for the retirement life. "I will play my favourite game, golf. Trekking is my other passion. I prefer to walk through the woods," he says. Music will become the filler, he adds.
Meanwhile, the HDFC Bank stock has risen 4.71 per cent or 47.45 to 1,049.65 compared to the previous day close of 1,002 on the National Stock Exchange.