The Reserve Bank of India(RBI) has approved Sashidhar Jagdishan as the next Managing Director(MD) and Chief Executive Officer(CEO) of HDFC Bank for a period of 3 years, effective from the date of taking charge i.e., October 27, 2020 under Section 35B of the Banking Regulation Act 1949.
- He will succeed Aditya Puri, the bank’s longest serving CEO (26 years- since September 1994).
- Aditya Puri will retire on October 26, 2020, on attaining the age of 70.
About Sashidhar Jagdishan
i.He currently serves as an additional director and Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility and the Strategic Change Agent of the HDFC Bank.
ii.He joined the Bank in the year 1996 as a Manager in the Finance function and later became Business Head- Finance in 1999.
iii.He was appointed as the Chief Financial Officer in the year 2008.
About Aditya Puri
Prior to joining the HDFC Bank he was the CEO of Citibank, Malaysia from 1992 to 1994.
Note- In the month of July, 2020 Aditya Puri sold shares of HDFC Bank worth Rs 843 crore.
i.Reserve Bank of India (RBI) capped the maximum age at 70 years for a managing director, chief executive officer or whole time director in a private bank, while the minimum age is above 21 years.
ii.Aditya Puri is the longest-running CEO of any bank in India.
Recent Related News:
i.Krishnan Ramachandran appointed as Managing Director & Chief Executive Officer of Max Bupa.
ii.The Jammu and Kashmir (J&K) administration approved the appointment of senior vice president (SVP) of HDFC bank Zubair Iqbal as the new Managing Director (MD) of Jammu and Kashmir Bank, for a period of 3 years.
About HDFC Bank:
Headquarters– Mumbai, Maharashtra
Chairman– Deepak S. Parekh
Tagline– We understand your world