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The
Reserve Bank has approved the name of Shashidhar Jagadishan as the successor of
Aditya Puri, CEO and Managing Director of HDFC Bank, the country's largest
private bank. Jagadishan is currently working as the bank's 'change agent' and
head of the finance department. He has been associated with the bank since
1996. With Jagdishan's appointment, all the speculation about Puri's successor
has come to an end. There was a lot of curiosity in the entire banking industry
and the business world as to who would replace Puri taking HDFC Bank to new
heights.
HDFC
Bank said on Tuesday that the Reserve Bank has approved the appointment of
Jagadishan to the post of CEO and MD of the bank for three years. His
appointment is effective for three years from October 27, 2020. Puri's term
ends on October 26, 2020. He was the first seeded candidate of the bank's
board. The bank has informed the stock markets that a meeting of the board of
the bank will be called to recommend Jagadishan's appointment.
Puri
said in an interview to a TV channel that she is very happy. He said that
Jagadishan was working with him with a lot of commitment after being appointed
as a change agent. Puri said, "I believe he has the necessary skills and I
am happy that HDFC Bank is in good hands." The best is yet to come. ''
Puri
is credited with making HDFC Bank the second largest bank in the country by
asset and largest in terms of market capitalization. He has been heading the
bank for nearly 25 years. Earlier, HDFC Bank on its behalf gave a list of three
candidates to the central bank. The bank had sent the names of the candidates
in this list on the basis of preference. Now the bank will inform the stock
exchange the name approved by RBI. At the recently held virtual AGM of the
bank, Puri had pointed out who her favourite candidate as his successor was. He
had told, "He (successor) has been with us for 25 years, at least in my
mind his place regarding my successor was already clear."
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