RBI approves appointment of Mr. Sashidhar Jagdishan as MD and CEO of HDFC Bank

The Reserve Bank of India ('RBI') vide its communication dated August 3, 2020, has approved the appointment of Mr. Sashidhar Jagdishan as Managing Director & CEO of the Bank for a period of 3 (three) years w.e.f. his date of taking charge, i.e. October 27, 2020, under Section 35B of the Banking Regulation Act 1949.

A meeting of the Board of Directors of the Bank will be convened in due course to approve the appointment of Mr. Sashidhar Jagdishan as the Managing Director & CEO of the Bank, in place of Mr. Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020.

Sashidhar Jagdishan (Sashi) joined the Bank in the year 1996 as a Manager in the Finance function. He became Business Head - Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He has played a critical role in supporting the growth trajectory of the Bank. He has led the finance function and played a pivotal role in aligning the organization in achieving the strategic objectives over the years. He is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the Bank. Sashi has an overall experience of 30 years. Prior to joining the Bank, Sashi was a Senior Officer in the Country Financial Control Division of Deutsche Bank, AG, Mumbai. He has completed his graduation in Science with specialization in Physics, and is a Chartered Accountant. He also holds a Master's degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1001.95 as compared to the previous close of Rs. 1032.65. The total number of shares traded during the day was 669872 in over 19899 trades.

The stock hit an intraday high of Rs. 1030 and intraday low of 994. The net turnover during the day was Rs. 675349507.

Source : Equity Bulls

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