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HDFC Bank’s Jagdishan gets 3-yr extension

MUMBAI : The Reserve Bank of India has approved the reappointment of Sashidhar Jagdishan as HDFC Bank managing director and chief executive officer for three more years till 26 October 2026, the bank said in a regulatory filing.

Jagdishan joined the bank in 1996 as a manager in the finance function and became business head of finance in 1999. He was later appointed chief financial officer in 2008. Prior to his appointment as CEO in October 2020, he was the group head of the bank in addition to overseeing the functions of finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

Jagdishan has an overall experience of over 31 years and has completed his graduation in science with a specialization in physics. He is a chartered accountant by profession and holds a Master’s degree in economics of money, banking and finance from the University of Sheffield, UK.

In his message to shareholders earlier this year, Jagdishan flagged funding as a risk. He had also raised concerns that the merger with HDFC Ltd may impact the bank’s net interest margins due to the higher proportion of the low-interest-yielding housing loans added.

Jagdishan had said that the same will be visible from the results for the September quarter itself.

Following the merger with HDFC in July, Jagdishan, however, said the country’s largest lender aims to double every four years. In a letter to the over 4,000 employees from HDFC who joined the bank’s rolls on 1 July, Jagdishan said the future is bright.

“The runway for financial services and mortgage, which are so underserved and underpenetrated, is going to be very large. HDFC Bank – the combined entity – with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth. The pace at which we aim to grow – we could be creating a new HDFC Bank every four years,” he had said.

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Updated: 20 Sep 2023, 12:59 AM IST

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