Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

RBI extends tenure of HDFC Bank's CEO Sashidhar Jagdishan to 2026

EditorPollock Mondal
Published 09/20/2023, 03:43 AM
© Reuters.
HDBK
-

The Reserve Bank of India (RBI) has approved the extension of Sashidhar Jagdishan's term as Managing Director and Chief Executive Officer (CEO) of HDFC Bank, the country's largest private sector lender, for an additional three years. This decision, conveyed on Sunday, extends Jagdishan's leadership until October 26, 2026.

Jagdishan assumed the role of CEO in 2020, succeeding Aditya Puri, the bank's founder CEO. His journey within HDFC Bank has been marked by dedication and commitment, having joined the bank as a manager in the finance function and rising through the ranks to become Business Head of Finance by 1999. Prior to his appointment as CEO, he held the position of Group Head while overseeing crucial functions such as finance, human resources, legal and secretarial, administration, infrastructure, corporate communications, and corporate social responsibility.

This approval comes following the merger of HDFC Ltd with HDFC Bank on July 1, 2023. The merger valued at $40 billion established HDFC Bank as the second-largest bank in India, only behind the State Bank of India. The merger led to the dissolution of HDFC Ltd and resulted in HDFC Bank becoming 100% publicly owned. Shareholders of HDFC now own 41% of the bank with each shareholder receiving 42 shares of HDFC Bank for every 25 shares they previously held.

Jagdishan envisions a promising future for HDFC Bank following the merger. He has set ambitious objectives for the bank's growth, aiming to double its size every four years. In a message directed to over 4,000 employees who joined the bank from HDFC on July 1st, Jagdishan emphasized opportunities within the financial services and mortgage sectors, which he believes are currently underexplored. With a robust distribution network, a growing customer base, ample capital, strong asset quality, and profitability, the combined entity of HDFC Bank is well-positioned to capitalize on this growth.

The bank has stated that the board will convene soon to formalize Jagdishan's tenure extension.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.