The Reserve Bank of India (RBI) has approved the re-appointment of Sashidhar Jagdishan as the managing director (MD) and chief executive officer (CEO) of HDFC Bank on Tuesday. Jagdish's re-appointment will remain for three more years until October 26, 2026.
In a regulatory filing, HDFC Bank stated that the application to re-appoint Jagdishan had been filed on March 4 of this year, and the new term for the CEO will begin officially from October 27, 2023.
Jagdishan has over 31 years of experience and is a chartered accountant. He joined HDFC in 1996 as a manager in the financial function before becoming the business head of finance in 1999. He was appointed chief financial officer (CFO) in 2008.
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Before he was appointed MD & CEO of the Bank, he was also the group head of the bank in addition to overseeing the functions of finance, human resources, legal & secretarial, administration, infrastructure, corporate communications and corporate social responsibility.
Last month, the CEO had stated the bank's intention to create one HDFC Bank in every four years. This was shortly after the Housing Development Finance Corporation (HDFC) was merged with HDFC Bank, creating the fourth-largest bank in the world with a market capitalisation of $180 billion.