RBI Grants 3-Year Extension To HDFC Bank MD Sashidhar Jagdishan

HDFC Bank,  the country's largest private sector lender, has received approval from the Reserve Bank to extend the tenure of its Managing Director, Sashidhar Jagdishan, for three more years starting from 27 October 2023. Jagdishan took over as MD and CEO in 2020, succeeding Aditya Puri, the bank's founder CEO. The RBI's approval was conveyed on September 18, 2023. The bank has stated that the board will convene soon to formalise this extension.

This decision comes following the merger of HDFC Ltd with HDFC Bank, creating the second-largest bank in India, only behind the State Bank of India. The merger came into effect on 1 July 2023, leading to the dissolution of HDFC Ltd. This merger, valued at USD 40 billion, was a significant milestone in India Inc.'s history and resulted in HDFC Bank becoming 100 per cent publicly owned. Shareholders of HDFC now own 41% of the bank, with each HDFC shareholder receiving 42 shares of HDFC Bank for every 25 shares they previously held.