Fondly known as Sashi, Jagdishan has been a part of the HDFC Bank since 1996
Sashi has played a critical role in supporting the growth trajectory of the bank, the lender said
Sashidhar Jagdishan will take charge as the chief executive officer (CEO) of HDFC Bank from 27 October. The Reserve Bank of India on 4 August approved the appointment of Sashidhar Jagdishan as managing director and chief executive officer of HDFC Bank for three years. Jagdishan will replace India’s longest-serving CEO Aditya Puri.
HDFC Bank on Saturday said that its "board of directors have approved the appointment of Sashidhar Jagdishan as an additional director and also managing director and chief executive officer of the bank."
"Jagdishan's appointment will be for a period of three years starting 27 October, 2020, as approved by the Reserve Bank of India vide its email dated 3 August, 2020," it said.
Fondly known as Sashi, Jagdishan has been a part of the HDFC Bank since 1996. He joined the bank as a manager in the finance division in 1996 and went on to become the finance head in 1999. Subsequently, he was appointed as the chief financial officer of HDFC Bank in 2008. "Sashi has played a critical role in supporting the growth trajectory of the bank," the lender stated.
At HDFC Bank, Jagdishan currently holds the position of additional director and Head of Finance, HR. He was named as the "strategic change agent" of the bank in 2019. With two-decade long experience, Jagdishan oversees the functions of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.
"He has led the finance function and played a pivotal role in aligning the organisation in achieving the strategic objectives over the years," the bank mentioned.
Jagdishan's biggest challenge will be maintaining the gold standard Puri has set for the bank. Aditya Puri, the veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country. Under Puri, the bank's net profit has grown from ₹80 lakh in 1994-95 to ₹26,257 crore in 2019-20.
On his successor, Puri said, "I’ve always maintained our best is yet to come, and with Sashi now at the helm I have no doubt that our best will come."
"I wouldn't go into the qualities he possesses because most of us would know that. Suffice to say that in him you have the best person to lead and I have the worthiest person to hand over the baton to," Puri added.
Jagdishan holds a Bachelor of Science degree in physics from the University of Mumbai and a masters in economics of money, banking and finance from the University of Sheffield, UK. He is also a Chartered Accountant from the Institute of Chartered Accountants of India.
The private sector lender reported a 18.4% increase in its net profit to ₹7,513 crore for the quarter ended in September 2020. HDFC Bank's net interest income increased by 16.7% year-on-year to ₹15,776.4 crore during the quarter gone by. Gross non-performing assets fell to 1.08% while net NPAs declined to 0.17% in Q2FY21.
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