Udayavni Special

Sashidhar Jagdishan to succeed Aditya Puri as HDFC Bank CEO


Team Udayavani, Aug 4, 2020, 3:35 PM IST

Mumbai: The Reserve Bank has confirmed the name of Sashidhar Jagdishan to succeed Aditya Puri as the chief executive and managing director of HDFC Bank, two sources said on Tuesday.

Jagdishan, currently working as the ‘change agent’ of the largest private sector lender and head of finance, has been with the bank since 1996, and the appointment will put an end to one of the most keenly watched successions in the banking industry.

Puri is widely credited with building the bank from scratch and leading it for the last 25 years to be the second-largest by assets and also the most valued lender by investors. Puri retires on October 20.

The Reserve Bank of India (RBI), which was given a list of candidates in an order of priority, conveyed its approval to Jagdishan’s name late last evening, the sources said.

The bank will eventually inform the exchanges about the RBI nod.

According to a media report earlier this year, the bank had selected the names of internal candidates Sashidhar Jagdishan and Kaizad Bharucha, and Citi’s Sunil Garg as probable candidates.

The bank said it has given three names in order of their preference.

Puri had recently assuaged shareholder concerns at his last annual general meeting as the MD and CEO, saying succession has been taken care of.

“He (the successor) has been with us for 25 years… my successor was always in place, at least in my mind,” Puri told shareholders at the lender’s virtual AGM.

Puri assuaged concerns on training and business understanding, assuring the shareholders that the candidate has “learnt very well”.

The HDFC Bank scrip was trading 4.73 per cent up at Rs 1,049.30 on the BSE at 1025 hrs, as against a 0.96 per cent gains on the benchmark.

Top News

CM BSY says he would resign from politics if corruption charges against son are proved

Self-reliant India will be force multiplier for global economy: PM Modi tells UNGA

K’taka COVID-19 update: 8811 new cases, 5417 discharges, 86 deaths on Sep 25

131 young soldiers join Ladakh Scouts regiment

Karnataka assembly approves amendment to the APMC Act

Karnataka assembly passes amendment to land reforms act; Cong stages walkout

For how long will India be kept out of decision-making structures of UN, PM asks at UNGA session




Related Articles More

Executive director of The Advertising Club Bangalore dead

Temporary retention of GST cess pending reconciliation not diversion: FinMin

Krishnakumar Natarajan, family sell 4.66 lakh Mindtree shares

Amazon.in to host ‘Handicrafts Mela’ from Sep 26-Oct 10 to support artisans, weavers

Trai drops probe against Voda Idea on priority plan issue after telco tweaks offer

MUST WATCH

Kundapura: Crack appears on new bridge at Arate on NH66

Sabarimala lost crores of rupees due to COVID-19

A girl sticthes 300 masks for Indian Army Soldiers | Covid Warrior | Udayavani

Drugs scandal: Police grill Anushree for 4 hours

Padma Shri SPB: A journey of Legendary Singer | S P Balasubrahmanyam

Latest Additions

CM BSY says he would resign from politics if corruption charges against son are proved

Quad countries deliberating on common approach on 5G technology

Self-reliant India will be force multiplier for global economy: PM Modi tells UNGA

K’taka COVID-19 update: 8811 new cases, 5417 discharges, 86 deaths on Sep 25

NASA shares pic of cyclones on Jupiter’s north pole, calls it ‘cosmic bouquet’

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.