For over three decades, Sashidhar Jagdishan was the HDFC Bank insider who rose through the ranks to inherit its most coveted seat. He joined the bank in 1996, spent years running its finance function, and eventually became the man chosen to follow the formidable first chief executive Aditya Puri.
Now, six years after taking charge, ‘Sashi’, as colleagues know him—and as some of the bank's older annual reports call him—is preparing to leave the corner office at a moment when questions around governance have become as important to the bank’s future as growth.
A Mumbaikar, Jagdishan was born and brought up in the bustling bylanes of Matunga, and continues to live in the city with his wife and son. Away from the numbers and balance sheets, his preferred way of unwinding is in the kitchen, as he enjoys cooking and experimenting with food, although the humble ‘thayir sadam’ (curd rice) remains a favourite. Every weekend, he takes his turn cooking for family and friends, according to information on the bank’s website.
According to an executive who has known him for a long time, above all, Jagdishan is a good human being. “You have to look at Sashi the individual as well. He does not want to deal with the daily scrutiny, especially on social media, anymore,” the executive said. “He has had a long career, and thought it was the apt time to step down.” s
His interests outside banking are distinctly rooted in the arts and routine. He listens to music, particularly Carnatic, reads when he finds the time, and counts cycling as his sport of choice. It is a portrait rather different from the one suggested by his public persona: a long-serving finance executive, who few expected to take the top job in 2020, let alone step down before a third term.
Another former HDFC Bank executive, who worked with Jagdishan when he still was the chief financial officer, the primary difference between him and Puri is his willingness to listen to people’s views. “Puri used to say, you leave the thinking to me and just focus on the execution. Jagdishan, on the other hand, would listen to what people had to say,” he said. The former executive said it was this facet that probably went against him.
“Another thing I must say is that Jagdishan can have his way when he wants. Once he was so furious with a senior executive and his direct reportee, that he called up the human resources division to assign that person’s reporting to someone other than him," the former bank executive added.
Unlike his predecessor, Jagdishan kept a low profile and did no media interviews. At least, until March, when chairman Atanu Chakraborty suddenly announced his resignation. He then spoke to the press at length; he told Mint that the uncertainty around HDFC Bank at that time stemmed from Chakraborty’s vague resignation despite a lack of specific prior issues.
Jagdishan is, however, not the only low-profile bank chief—he has a match in ICICI Bank chief executive Sandeep Bakhshi, who too has so far refrained from media interviews.
The journey
Jagdishan joined HDFC Bank as a manager in the finance department in 1996, became business head finance in 1999, and was appointed chief financial officer in 2008. He led the finance function for 12 years before being made the bank’s strategic change agent in 2019, with additional responsibilities spanning legal and secretarial, human resources, corporate communications, infrastructure and administration, and corporate social responsibility.
This long apprenticeship was central to his appeal as Puri’s successor.
Mint had profiled the incoming chief executive in October 2020, when Jagdishan had already spent close to 25 years at the bank. He was described as the “classic insider”, someone who knew HDFC Bank “like the back of his hand”. The expectation was largely one of continuity, alongside a sharper focus on digital banking and greater transparency.
Jagdishan formally took charge on 27 October 2020, inheriting the bank in the middle of the pandemic, at a time when expectations were unusually high.
During his tenure came HDFC Bank’s landmark merger with parent Housing Development Finance Corp (HDFC), completed in 2023, transforming the scale and structure of the financial institution, although issues linger.
The final stretch of his tenure, however, threw up a different set of questions.
The most prominent has centred on the bank’s Dubai operations and the sale of Credit Suisse Additional Tier-1 bonds to non-resident Indians (NRI) clients. The Dubai Financial Services Authority restricted HDFC Bank’s DIFC branch from onboarding new clients or offering new financial services from September 2025. The bank subsequently terminated three senior executives after an internal investigation, while other employees also faced disciplinary action.
The issue also became intertwined with the abrupt resignation of chairman Chakraborty in March this year, citing disagreement on governance issues. An external review subsequently found no evidence substantiating the broader concerns raised by Chakraborty. Yet, the episode added to scrutiny of the bank’s oversight.
In July, HDFC Bank’s board also penalized Jagdishan and two other senior executives over what it termed “business overreach” in connection with the setting of deposit rates for a state agency. And then came a potential US securities class-action lawsuit that has added another layer of investor scrutiny. HDFC Bank has said it considers the lawsuit without merit and intends to defend itself.
Jagdishan is set to retire on 26 October, after deciding not to seek a third term. His departure brings the curtains down on his 30-year journey at India's top private sector bank— from a finance manager to the top executive.
The larger question now is what the institution he nurtured looks like after this consummate insider finally steps away.