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Sep 20 – The Reserve Bank of India (RBI) has confirmed Sashidhar Jagdishan’s re-appointment as managing director (MD) and managing director (CEO) of HDFC Bank for a three-year term beginning October 27, 2023, the bank announced on Tuesday.
The HDFC Bank board of directors approved Jagdishan’s reappointment for a three-year term in March 2023.
After Aditya Puri departed in October 2020, Jagdishan took over as MD & CEO of the largest private-sector lender.
The bank’s net profit grew 19.3 percent year on year to Rs 44,108.7 crore in fiscal year 2022-23. Net interest income (NII) increased by 20.6% to Rs 86,842.2 crore. The asset quality improved, with the gross non-performing assets (GNPA) ratio falling to 1.12 percent from 1.17 percent the previous year.
Jagdishan, who has 31 years of industry experience, joined the bank in 1996 as a manager in the financial unit. He is a chartered accountant by trade and has a Master’s degree in Money, Banking, and Finance from the University of Sheffield in the United Kingdom.
Prior to his appointment as MD & CEO, he was the bank’s group head, supervising operations such as finance, human resources, legal & secretarial, and administration, among others.
HDFC Bank, led by Jagdishan, announced a merger with HDFC in April 2022. The merger went into effect on July 1, 2023.