We had earlier shared in the ICR that the current MD & CEO Mr. Puri (70 years old) is due for retirement in October 2020 and this has been one of the key overhangs on HDFC Bank whether the new leader will be an external candidate or internal and the associated uncertainty with respect to the said transition.

In a positive development, Reserve Bank of India on August 3, 2020, approved the appointment of Mr. Sashidhar Jagdishan as Managing Director & CEO of the Bank for a period of 3 (three) years w.e.f. his date of taking charge, i.e. October 27, 2020, under Section 35B of the Banking Regulation Act 1949. Mr. Jagdishan is one of the two internal candidates proposed by the search committee to RBI.

Brief Profile of Mr. Sashidhar Jagdishan
Sashidhar Jagdishan (Sashi) joined the Bank in the year 1996 as a Manager in the Finance function. He became Business Head‐ Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He has played a critical role in supporting the growth trajectory of the Bank. He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years. He is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the Bank. Sashi has an overall experience of 30 years. Prior to joining the Bank, Sashi was a Senior Officer in the Country Financial Control Division of Deutsche Bank, AG, Mumbai. He has completed his graduation in Science with specialization in Physics, and is a Chartered Accountant. He also holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.

Source: bseindia.com/xml-data/corpfiling/AttachLive/9cb34b1b-0791-453e-8df1-fdd87039bf2d.pdf