He was appointed to the post of deputy managing director in March 2017. He will be serving the 90-day notice period, effective from August 10.
Deepak Parekh, chairman of HDFC, said: “He has done a remarkable job. He felt he should step down for personal reasons after working for 24 years. We are sorry to see him leave."
Sukthankar met Parekh before putting in his papers.
When asked if he would move to a rival lender, Parekh said, “I do not think so. But, he is free to do what he wants.”
A management graduate from Harvard Business School, Sukthankar has been a member of various Reserve Bank of India (RBI) Committees, in addition to those set up by the Indian Banks' Association.
He was recently appointed to an RBI Committee tasked with working out a medium-term action plan for improving financial inclusion.
Further, he was a member of the High Level Steering Committee for Review of Supervisory Processes for Commercial Banks.
He is on the IT Strategy, Risk Policy, Digital Transactions and Corporate Social Responsibility Committees of the Board of HDFC Bank.
The reason, industry sources say, is Sukthankars’ staunch pragmatism, cautious approach and aversion to lend just because an opportunity might look good.
His name has been doing the rounds in the world of Indian finance as the successor to Aditya Puri, the banks’ current managing director and chief executive officer, whose term concludes in October 2020.
Prior to joining HDFC Bank, he was at Citibank for nine years.
HDFC Banks’ stock closed at ~2,115 on the National Stock Exchange, down by 0.17 per cent from its closing price on the previous day. The announcement came after the close of market hours.