HDFC Bank jumps after RBI approves new MD & CEO

HDFC Bank surged 4.44% to Rs 1046.40 after the Reserve Bank of India approved the appointment of Sashidhar Jagdishan as managing director (MD) & CEO of the bank.

In an exchange filing made during market hours today, the private lender said that RBI vide its communication dated 3 August 2020, has approved the appointment of Sashidhar Jagdishan as managing director & CEO of the bank for a period of three years w.e.f. his date of taking charge, i.e. 27 October 2020.

Jagdishan will replace Aditya Puri who will retire as managing director of the bank on 26 October 2020.

Jagdishan joined HDFC Bank in 1996 as a manager in the finance function. He became business head-finance in 1999 and was appointed as chief financial officer in 2008. He is currently the group head of finance, human resources, legal & secretarial, administration, infrastructure, corporate communications, corporate social responsibility & the strategic change agent of the bank.

While announcing its March quarter results, the bank's board had finalized the names of three candidates for the position of MD & CEO of the bank. The bank had submitted its application to RBI with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD & CEO, who shall succeed Aditya Puri.

HDFC Bank is one of India's leading private banks. As of 30 June 2020, the HDFC Bank's distribution network was at 5,326 branches and 14,996 ATMs/cash deposit & withdrawal machines (CDMs) across 2,825 cities/towns as against 4,990 branches and 13,727 ATMs/CDMs across 2,764 cities/towns as of 30 June 2019.

The private lender's net profit rose 19.58% to Rs 6,658.62 crore on 6.46% increase in total income to Rs 34,453.28 crore in Q1 June 2020 over Q1 June 2019.

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