HDFC Bank MD Sashidhar Jagdishan to retire in October
What's the story
Sashidhar Jagdishan, the Managing Director and CEO of HDFC Bank, has announced his decision not to seek reappointment. He will retire from his position on October 26, 2026. The announcement was made by the bank in a regulatory filing. The board of directors took note of Jagdishan's communication and, despite persuasion attempts, he reiterated his decision not to seek reappointment.
Career highlights
Jagdishan took over as MD, CEO in 2020
Jagdishan took over as HDFC Bank's MD and CEO in October 2020, succeeding Aditya Puri.
Under his leadership, the bank completed its merger with parent company HDFC Ltd, creating one of India's largest financial services groups.
The board has fast-tracked the process to select and appoint his successor in a timely manner.
Governance issues
HDFC Bank under investor scrutiny since mid-March
HDFC Bank has been under investor scrutiny since mid-March when its ex-chairman Atanu Chakraborty resigned abruptly, citing practices at the bank were not in line with his "personal ethics."
However, an external legal review conducted last month found no evidence to substantiate these concerns.
Separately, an internal review of HDFC Bank's arrangements with Maharashtra State Road Development Corporation for deposits in 2017 and 2021, concluded that the conduct involved was "business overreach" rather than mala fide action or personal enrichment.