The Reserve Bank of India (RBI) has approved the appointment of Sashidhar Jagdishan as Managing Director & CEO of HDFC Bank.

The appointment is for a period of 3 years with effect from October 27, 2020, and is subject to the approval of the Bank’s board and shareholders.

Aditya Puri, who led the bank as the MD since its inception, will retire on October 26, 2020, the bank said in a statement.

“Sashi brings to the table a rare combination of IQ and EQ. Given his understanding of the business, coupled with a strong people connect, we’re confident that he’ll take the bank to the next level. My best wishes are always with him,” said Shyamala Gopinath, the chairperson of HDFC Bank Limited.

Puri has also congratulated Jagdishan.

“I congratulate Sashi on his appointment. He understands the Bank’s ethos, culture which has made it what it is. Given our inherent strengths and now Sashi’s leadership, I believe that the

best of the Bank is yet to come,” said Puri, MD, HDFC Bank Limited.

“I’m humbled by this. I fully recognise that Puri’s are huge shoes to fill. But I’m confident that with the support of my colleagues, the board, other stakeholders, and indeed God’s grace, I’ll be able to live up to the faith that Puri, the Board, and the regulator have reposed in me. I’ll leave no stone unturned to carry forward the rich legacy,” said Jagdishan.

Jagdishan joined the Bank in 1996 and has played a critical role in its growth since his joining.

Starting as a manager in the Finance department, he has grown from strength to strength wearing different hats.

In 1999, he became the Business Head – Finance and in 2008, the Chief Financial Officer of the bank.

In 2019, he was appointed the Change Agent of the Bank and was given additional responsibilities of Legal & Secretarial, Human Resource, Corporate Communication, Infrastructure & Administration, and CSR.

Jagdishan has an overall experience of 30 years, 24 of which he has spent with HDFC Bank.

Prior to HDFC Bank, he had a 3-year stint with Deutsche Bank, AG, Mumbai.

Jagdishan is a Science Graduate (Physics) from Mumbai University, and a qualified Chartered Accountant.

He also holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.