New Delhi, Aug 2026 : HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan has decided not to seek reappointment for another term and will retire from the services of the country's largest private sector lender on October 26, 2026, the bank said in a regulatory filing on Saturday.
According to HDFC Bank, Jagdishan communicated his decision to the Board and maintained his stance despite efforts by the Board to persuade him to continue in the top position. The Board acknowledged his contribution and leadership during his tenure and expressed its appreciation for his role in the bank's growth and stability.
“The Board deeply appreciated his commitment, leadership, contribution to the growth, stability of the Bank and his role in successful completion of one of the largest mergers in corporate India,” the lender said.
The Board also conveyed its best wishes to Jagdishan for his future endeavours. Following his decision, the bank has decided to accelerate the process of identifying and appointing his successor to ensure a smooth transition at the top.
Jagdishan assumed charge as HDFC Bank's MD and CEO in October 2020, succeeding Aditya Puri, who had headed the bank for more than two decades. Before becoming the bank's chief executive, Jagdishan had been associated with HDFC Bank for over 20 years and served in several senior positions, including Chief Financial Officer.
His tenure as MD and CEO included one of the most significant corporate transactions in India's financial sector—the merger of Housing Development Finance Corporation Ltd (HDFC Ltd) with HDFC Bank. The merger created one of the country's largest financial services groups and substantially expanded the scale and scope of HDFC Bank's operations.
The bank's Board, at its meeting held on Saturday, formally took note of Jagdishan's communication that he did not wish to seek another term. HDFC Bank said he would continue to discharge his responsibilities as MD and CEO until the close of business hours on October 26, 2026.
The lender said the succession process would now be fast-tracked so that a new MD and CEO could be appointed well before Jagdishan's retirement. The move is aimed at ensuring continuity in the bank's leadership and operations during the transition.
Jagdishan's departure comes at an important stage for HDFC Bank as it continues to integrate the expanded operations and opportunities created following its merger with HDFC Ltd. The lender has been working to leverage the combined group's larger customer base, financial resources and distribution network.
The announcement also marks the end of Jagdishan's more than two-decade association with HDFC Bank, during which he rose through the ranks to become one of India's most prominent banking executives.
Meanwhile, HDFC Bank's shares closed at Rs 719.50 on the NSE on Friday. The stock has recorded a 52-week high of Rs 1,020.50 and a 52-week low of Rs 707 on the exchange.
