HDFC Chief

Country's largest private sector lender HDFC Bank on Tuesday said that Anup Bagchi has taken charge as its managing director and chief executive. His predecessor, Sashidhar Jagdishan, vacated office on Monday after the completion of his term, the bank informed exchanges. Bagchi, an ICICI Group veteran, is the first outsider to head HDFC Bank in its over-three-decade history. His previous assignment was as the MD and CEO of ICICI Prudential Life Insurance. He joins HDFC Bank at a time when the lender is battling a slew of challenges, including ones on core income growth and margins, which have made investors wary. In brief comments on an earnings call which he attended, Bagchi said a part of the work on the bank's 2023 merger with housing finance major parent HDFC is yet to be executed and also announced that he will be meeting all the stakeholders to better understand the bank. Bagchi had also appreciated the strong and committed leadership at HDFC Bank, amid speculation over whe

The announcement on Saturday that Jagdishan - a three-decade HDFC Bank veteran - won't seek reappointment puts to rest months of speculation that he was eyeing an extension

The rift came down to differing views over accountability, particularly over client losses tied to risky bonds sold by Credit Suisse

HDFC Bank CEO Sashidhar Jagdishan moved the SC against a cheating FIR filed by Lilavati Hospital Trust, which alleged he accepted ₹2.05 crore to help one group retain control of the Trust

Lilavati Trust accuses HDFC Bank CEO of running a smear campaign and facilitating fraud, filing a ₹1,000 crore defamation suit and a criminal complaint in Mumbai

The FIR by Lilavati Trust accuses Sashidhar Jagdishan of accepting ₹2.05 crore from members of the Chetan Mehta Group in exchange for helping them retain control over the Trust

'The economy is buoyant, the feel good factor is high, affordability is better so people are comfortable buying houses even if rates are slightly higher,' says Keki Mistry

CEO Jagdishan tells analysts merger with HDFC gives the lender the opportunity to double balance sheet every five years

He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values

The economic survey has pegged growth at 7-7.5 per cent for FY19