The Reserve Bank of India (RBI) approved Sashidhar Jagdishan’s reappointment as HDFC Bank’s Managing Director and Chief Executive Officer, the lender stated on September 19.
The re-appointment is for three years, from October 27, 2023 to October 26, 2026, according to the bank. A meeting of the Bank’s Board of Directors will be called in due course to put the re-appointment into effect, it added.
Jagdishan joined the country’s largest private sector bank in 1996 as a manager in the finance department, rising to the position of business head – finance in 1999 before being named Chief Financial Officer in 2008.
Sashidhar Jagdishan has over 31 years of financial expertise. Jagdishan holds a Master’s degree in Economics of Money, Banking, and Finance from the University of Sheffield in the United Kingdom, as well as a Bachelor’s degree in Science with a speciality in Physics. He began his career at HDFC Bank in 1996 as a Manager in the Finance department. He was named Business Head – Finance in 1999 and Chief Financial Officer in 2008.
“He (Jagdishan) played a critical role in supporting the growth trajectory of the Bank, and led the finance function with a pivotal role in aligning the organisation in achieving the strategic objectives over the years. Prior to his appointment as Managing Director & Chief Executive Officer of the Bank, he was the Group Head of the Bank in addition to overseeing the functions of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.” HDFC Bank stated in a stock exchange filing.
Prior to his appointment as CEO, Jagdishan served as HDFC Bank’s group head, handling finance, personnel resources, legal and secretarial, administration, infrastructure, corporate communications, and corporate social responsibility.
According to the bank’s annual report, the veteran banker received an annual compensation of Rs 10.5 crore in the fiscal year 2022-2023. Jagdishan’s yearly pay in FY22 was Rs 6.51 crore.