HDFC Bank CEO Sashidhar Jagdishan to Step Down in October, Won’t Seek Reappointment

HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan has decided not to seek another term and will retire from the country’s largest private-sector lender on October 26, 2026. The decision brings an end to his tenure as the bank’s top executive after nearly six years in the position.

Jagdishan communicated his decision to the bank’s board, which had reportedly urged him to reconsider. However, he remained firm on his choice not to seek reappointment. The board has now decided to accelerate the process of identifying and appointing his successor.

HDFC Bank said its board appreciated Jagdishan’s leadership and contribution to the institution’s growth and stability. It also recognised his role in completing the merger of Housing Development Finance Corporation (HDFC Ltd) with HDFC Bank, one of the largest corporate mergers in India.

Jagdishan took charge as HDFC Bank’s MD and CEO on October 27, 2020, succeeding longtime chief executive Aditya Puri. He had joined HDFC Bank in 1996 and held several senior positions during his long association with the lender, including Chief Financial Officer. Before becoming CEO, he also handled responsibilities spanning human resources, legal and secretarial functions, corporate communications and corporate social responsibility.

His departure comes at a time when HDFC Bank has faced increased attention over corporate governance and management issues. Earlier this year, the bank’s part-time chairman Atanu Chakraborty resigned, citing ethical concerns. An external review subsequently found no evidence supporting some of the governance-related concerns that had emerged.

The leadership transition also follows regulatory scrutiny involving Jagdishan and other senior executives. The bank’s board had taken action in July over an issue involving deposit pricing, describing it as a matter of business overreach.

Jagdishan’s tenure included the complex integration following the HDFC Ltd-HDFC Bank merger, which created one of India’s largest financial institutions. The lender now faces the task of selecting a new chief executive while maintaining continuity in its operations and strategic priorities.