Sashidhar Jagdishan to stand in for Aditya Puri’s position as CEO of HDFC Bank
Sashidhar Jagdishan will take the place of sociable chief Aditya Puri who will leave office in October after a 26-year scrimp at the bank.
On August 4, The Reserve Bank of India (RBI) declared the name of Sashidhar Jagdishan as the subsequent chief executive officer of HDFC Bank, in accordance with a senior RBI executive. “Jagdishan’s name has been approved,” the executive informed.
Jagdishan’s selection asserts the fact that HDFC Bank’s outgoing Chief Aditya Puri’s recent comments stated that his replacement will be an inside man. “There has been a lot of talk about the successor not being with us for a long time. Our potential successor has been with us for 25 years. My successor was always in place, at least in my mind. It is now for RBI to decide,” Puri stated at the bank’s recent AGM.
Jagdishan is at present working as the additional director of HDFC Bank and has been with the bank for about three decades now. Jagdishan has earlier worked as the Group Head of Finance, Infrastructure, Corporate Social Responsibility, Administration, Human Resources, Corporate Communications and Legal & Secretarial.
He began working at the bank from around 1996 as a Manager in the Finance department and then moved on to become Business Head – Finance in 1999 and Chief Financial Officer in 2008.
Jagdishan, together with Kaizad Bharucha, an HDFC Bank senior executive, was amongst the top three contenders suggested by the bank to RBI at the beginning of 2020. The third contender was Sunil Garg, CEO of Citi Commercial Bank.
Jagdishan will be taking the position at a time when the banking industry is facing difficulties after the outset of Covid-19. Nearly 9 percent of the HDFC Bank’s loan book is under moratorium as of June 30. The bank has confessed that COVID-19 has already made its dent on the retail loan book.
“The continued slowdown in economic activity has led to a decrease in retail loan origination, sale of third party products, use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees. As a result, fees/other income was lower by approximately Rs 2,000 crore,” the bank stated while announcing the results of their first quarter.