The Reserve Bank of India approved Sashidhar Jagdishan as the next chief executive officer of HDFC Bank, country's largest Private sector lender. Currently, Jagdishan is working as the additional executive director and head of finance, human resources at HDFC bank. The Banker will replace Aditya Puri who is set to retire this year after holding the post of CEO of the HDFC bank for 26 years. It is to be noted that Jagdishan was seen as the top contender among the three shortlisted candidates, with Kaizad Bharucha and Sunil Garg also in the hunt.
Sashidhar: A seasoned Banker
Shashidhar completed his schooling from Don Bosco High Schooling Mumbai and pursued bachelors in Physics from Mumbai University. Post that he completed his study to become a qualified Chartered Accountant. Moreover, he also holds a Master's degree in Economics of Money, Banking & Finance from the University of Sheffield, UK. Before joining HDFC Bank in 1996, he was associated with Deutsche Bank in Mumbai with its financial control division.
Sashidhar Jagdishan, an industry veteran is currently working as Additional Executive Director, Head of Finance of HDFC Bank. Sashidhar has been associated with HDFC Bank for more than 24 years now. He started his tenure in the bank in 1996 as a Manager in the Finance function. With his impressive managerial skills, he was promoted to the Business Head, Finance in 1999 and later to Chief Financial Officer in the year 2008.
Having a working experience of 29 years, Sashidhar has played a crucial role in supporting the growth trajectory of the Bank. Moreover, he headed the finance function and helped to align the bank in achieving the strategic objectives. He is the brain behind HDFC Bank's digital transformation.
HDFC Bank reports a 20% profit in Q1
HDFC Bank has reported a net profit of Rs 6,658.62 crore in the first quarter (April-June) of the current financial year which is 20 percent more than the Rs 5,568.16 crore in the same period a year ago. However, the bank's other income has decreased by about Rs 900 crore during the same period. Bank deposits grew by 24.6 percent. The bank's net interest income (NII) increased by 17.80 percent to Rs 15,665 crore.