Sashidhar Jagdishan, CEO of HDFC Bank, India’s largest private-sector bank, has decided not to seek reappointment as the bank’s MD and CEO, the lender said in an exchange filing on Saturday.
According to the filing, Jagdishan is set to retire on October 26, 2026.
The board of HDFC Bank had attempted to persuade Jagdishan to continue as MD and CEO, but he remained firm in his decision to retire.
“The board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in the successful completion of one of the largest mergers in corporate India,” HDFC Bank said, while wishing Jagdishan well for the future.
The private-sector lender has now expedited its search for his successor.
Jagdishan succeeded Aditya Puri as HDFC Bank’s MD and CEO in October 2020. During his nearly six-year tenure, he oversaw the merger of HDFC Ltd with HDFC Bank, creating one of India’s largest financial services firms.
Jagdishan has spent more than 20 years with HDFC Bank and has held several key positions, including chief financial officer, before taking over as CEO.
Meanwhile, sources said Jagdishan could be asked to continue beyond October 26 to give the bank more time to select his successor. HDFC Bank said in its exchange filing that Jagdishan would cease to be in the bank’s employment “upon the close of business hours on October 26, 2026” despite his decision not to seek reappointment.
Apart from Jagdishan, the bank’s other two full-time directors are Executive Director V Srinivasa Rangan, 66, and Deputy Managing Director Kaizad Bharucha, 60. Bharucha is the longest-serving member of HDFC Bank’s executive board, having joined the board in 2014.
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