Sashidhar Jagdishan (HDFC Bank CEO), Wiki, Age, Salary & More

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Sashidhar Jagdishan is the new Chief Executive Officer (CEO) and managing director of the HDFC Bank. The Reserve Bank of India on 4 August approved the appointment of Sashidhar Jagdishan as managing director and chief executive officer of HDFC Bank for three years. Jagdishan replaced India’s longest-serving CEO Aditya Puri.

Sashidhar Jagdishan has been with the bank since 1996 and is currently is serving as the ‘Change Agent’ of the largest private sector lender and head of finance. This particular appointment is a termination to one of the most keenly watched successions in the bank industry.

Sashidar-Jagdishan

Sashidhar Jagdishan Age:

Sashidhar Jagdishan is 55, he’s been the Group Head and Strategic Change Agent of the Bank of HDFC Bank since 2019.

There are 8 older and 14 younger executives at HDFC Bank. The oldest executive at HDFC Bank Ltd. is Shyamala Gopinath, 70, who is the Non-Executive Independent Chairperson of the Board.

Sashidhar Jagdishan Education:

Jagdishan holds a Bachelor of Science degree in physics from the University of Mumbai and a masters in economics of money, banking and finance from the University of Sheffield, UK. He is also a Chartered Accountant from the Institute of Chartered Accountants of India.

Some Facts about Sashidhar Jagdishan:

Sashidhar Jagdishan is a graduate in Science with a specialisation in subject Physics. He also uploads a Masters Degree in Economics of Money, Banking & Finance from the University of Sheffield, UK. He has also worked as a Chartered Accountant.

In 1996, Sashidhar Jagdishan amalgamated with the private lender, HDFC. He has been working in the bank from past 24 years.Manager in the Finance Ruction was the first position which Jagdishan served as. In 1999, he became the Business head and in the year 2008, he was appointed as the Chief Financial Officer.

Sashidhar upholds an experience of over thirty years. Before joining the HDFC Bank he filled in as a Senior Officer in Country Financial Control Division of Deutsche Bank, AG, Mumbai.

Jagdishan presently operating as the Group Head of Finance, Human Resources, Legal and Secretarial, Administration, M Infrastructure, Corporate Communications, Corporate Social Responsibility and the Strategic Change Agent of the Bank.

As per the HDFC Bank website, Sashidhar Jagdishan has played an important role in supporting the growth trajectory of the Bank. Moreover, the website also says, “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 organisation in achieving the strategic objectives over the years.”

sashidhar jagdishan hdfc bank

Sashidhar Jagdishan Role in HDFC Private Limited:

Fondly known as Sashi, Jagdishan has been a part of the HDFC Bank since 1996. He joined the bank as a manager in the finance division in 1996 and went on to become the finance head in 1999. Subsequently, he was appointed as the chief financial officer of HDFC Bank in 2008. “Sashi has played a critical role in supporting the growth trajectory of the bank,” the lender stated.

Jagdishan’s biggest challenge will be maintaining the gold standard Puri has set for the bank. Aditya Puri, the veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country. Under Puri, the bank’s net profit has grown from 80 lakh in 1994-95 to Rs. 26,257 crore in 2019-20.

Puri has been leading the bank from 25 years and was responsible for buffing the bank from the very scratch. He wanted the bank to be the second-largest by assist and also the preferred choice by the investors.

On his successor, Puri said, “I’ve always maintained our best is yet to come, and with Sashi now at the helm I have no doubt that our best will come.”

At HDFC Bank, Jagdishan currently holds the position of additional director and Head of Finance, HR. He was named as the “strategic change agent” of the bank in 2019. With two-decade long experience, Jagdishan oversees the functions of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications and Corporate Social Responsibility.

“He has led the finance function and played a pivotal role in aligning the organisation in achieving the strategic objectives over the years,” the bank mentioned.

Salary of Sashidhar Jagdishan:

As the Group Head and Strategic Change Agent of the Bank of HDFC Bank, the total compensation of Sashidhar Jagdishan at HDFC Bank is not revealed. But few sources say he has a pretty much salary of 18 Crore INR per year.

About HDFC Bank:

The private sector lender reported a 18.4% increase in its net profit to Rs. 7,513 crore for the quarter ended in September 2020. HDFC Bank’s net interest income increased by 16.7% year-on-year to Rs.15,776.4 crore during the quarter gone by. Gross non-performing assets fell to 1.08% while net NPAs declined to 0.17% in Q2FY21.

HDFC Bank Ltd. engages in the provision of banking and financial services, including commercial banking and treasury operations.

The firm also provides financial services to upper and middle income individuals and corporations in India. It operates through the following segments: Treasury, Retail Banking, Wholesale Banking and Other Banking Operations.

The Treasury segment consists of bank’s investment portfolio, money market borrowing and lending, investment operations and trading in foreign exchange and derivative contracts. The Retail Banking segment provides loans and other services to customers through a branch network and other delivery channels.

The Wholesale Banking segment provides loans, non-fund facilities and transaction services to large corporates, emerging corporates, public sector units, government bodies, financial institutions, and medium scale enterprises.

The Other Banking Business segment includes income from para banking activities such as credit cards, debit cards, third party product distribution, primary dealership business, and the associated costs. The company was founded by Aditya Tapishwar Puri in August 1994 and is headquartered in Mumbai, India.

Sashidhar Jagdishan Task Ahead:

Industry watchers said the new chief executive’s task is cut out for him, as he joins at a time when the covid-19 pandemic has wreaked havoc on the economy. Estimates by the central bank pegs the rise in bad loans at 400 basis points (bps) in FY21. In such an environment, it remains to be seen how Jagdishan steers the bank’s massive loan book of over 10 trillion.

According to the banking consultant quoted above, since Jagdishan was a finance executive and not quite into operations, the challenge for him will be to adapt to his new role, which demands a more rounded approach. “This is not only HDFC’s problem, we saw this in a few other private lenders where the existing leadership did not prepare the second rung of executives for such roles,” the consultant added.

While he has not been in business roles at HDFC Bank, his expertise in heading the finance division could work in his favour. Hemindra Hazari, an independent banking analyst, said of all the candidates for the CEO’s role, Jagdishan has the overall grasp of the bank, being in finance and MIS (management information system), besides being the eyes and ears of Puri. “(However,) it would have been better if he was put in charge of some of the important business verticals to get a direct grasp of managing the business.”

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