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regular-article-logo Wednesday, 17 April 2024

Jagdishan's re-appointment as managing director and CEO of HDFC Bank gets RBI approval

In March, the board of the private sector lender recommended Jagdishan’s re-appointment to the banking regulator for a further period of three years beginning October 27, 2023, subject to the approval of RBI and its shareholders

Our Special Correspondent Mumbai Published 20.09.23, 11:12 AM
Sashidhar Jagdishan

Sashidhar Jagdishan File image

The Reserve Bank of India (RBI) has approved the re-appointment of Sashidhar Jagdishan as the managing director and CEO of HDFC Bank for a period of three years beginning October 27, 2023.

In March, the board of the private sector lender recommended Jagdishan’s re-appointment to the banking regulator for a further period of three years beginning October 27, 2023, subject to the approval of RBI and its shareholders.

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Jagdishan's term will run till October 27, 2026.

Market circles said that the development is positive. They added that though it does not come as a surprise, it will result in the continuity of Jagdishan’s growth agenda for the country’s largest private-sector lender. Jagdishan had taken over the reins of HDFC Bank from prominent banker Aditya Puri on October 27, 2020.

His appointment was for three years. During this period, he has not only focussed on bringing about a technological transformation at the bank but also oversaw the merger with HDFC along with the latter’s former chairman Deepak Parekh.

He has an overall experience of 31 years in banking. He joined HDFC Bank in 1996 as a manager in the finance function. He then became business head-finance in 1999 and was appointed as chief financial officer in 2008.

Prior to his appointment as managing director and chief executive officer of the bank, he was the group head of the lender in addition to overseeing the functions of finance, human resources, legal and secretarial, administration, infrastructure,
corporate communications and corporate social responsibility.

Jagdishan emerged as the highest-paid bank chief executive in 2022-23, earning over Rs 10.55 crore in overall pay. His colleague Kaizad Bharucha, the deputy managing director, drew Rs 10 crore for the year.

At the bank’s AGM after the merger with HDFC, Jagdishan had exuded confidence that given it has grown in a strong manner over the last decade, it will be able to overcome the challenges and even grab the opportunity to grow at a similar pace over the next many years.

The bank was not fully successful in getting all the forbearance it had sought from the RBI on the liabilities front. The central bank declined to provide any exemptions on CRR and SLR requirements on the deposits that come from HDFC.

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