RBI Approves Sashidhar Jagdishan's Appointment As HDFC Bank CEO: 10 Things To Know
- HDFC Bank said its board will meet in "in due course" to approve Mr Jagdishan's appointment.
- HDFC Bank shares jumped as much as 5.78 per cent to Rs 1,059.90 apiece on the BSE after the announcement. At 12:11 pm, the HDFC Bank stock traded 4.32 per cent higher at Rs 1,045.20 on the bourse, outperforming the benchmark S&P BSE Sensex index which was up 1.67 per cent. (Track HDFC Bank Shares Here)
- After 26 years at the helm, Mr Puri is set to retire when he turns 70, the age limit set by the RBI for private bank chiefs.Â
- The lender had shortlisted three names for his successor in April.
- Mr Jagdishan will face the challenge of maintaining HDFC Bank's relatively high asset quality and loan growth as the coronavirus pandemic sends the country's economy into a deep slump.Â
- The country's biggest lender by market value has managed to skirt a two-year-old shadow-banking crisis under Mr Puri.
- Mr Jagdishan has an overall experience of 29 years. He joined HDFC Bank in 1996 as a manager in the finance function, became business head-finance in 1999, and was appointed chief financial officer in 2008.Â
- He has played a critical role in supporting the growth trajectory of HDFC Bank. Mr Jagdishan has led the finance function and played a pivotal role in aligning the organisation for achieving the strategic objectives over the years.
- He heads the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.Â
- He is a science major with specialization in physics. Mr Jagdishan is a chartered accountant by profession, and holds a Master's degree in economics of money, banking and finance.
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