Sashidhar Jagdishan

Sashidhar Jagdishan (born 1965) is an Indian banking executive who currently serves as the Managing Director and Chief Executive Officer (MD & CEO) of HDFC Bank, one of India's largest private sector banks.^[1]

Early life and education

Born and raised in Mumbai, India, Jagdishan completed his secondary education at Don Bosco High School.^{[disambiguation needed]} He holds a Bachelor's degree in Science with a specialization in Physics from Mumbai University. He is also a qualified Chartered Accountant. Furthering his education, he earned a Master's degree in Economics of Money, Banking, and Finance from the University of Sheffield in the United Kingdom.^[1][2]

Career

Jagdishan possesses over three decades of professional experience, with 24 years spent at HDFC Bank prior to his appointment as CEO. He joined HDFC Bank in 1996 as a manager in the finance department. Over the years, he took on increasingly significant responsibilities, including being appointed Business Head - Finance and Chief Financial Officer (CFO) in 2008. In 2019, he assumed the role of 'Change Agent of the Bank,' overseeing various critical functions within HDFC Bank.^[3]

He was appointed as the MD & CEO of HDFC Bank in October 2020, succeeding Aditya Puri. In the fiscal year 2023, he was recognized as the highest-paid bank chief executive in India.^[4]

Leadership roles and achievements

Jagdishan was named the Bank CEO of the Year in Asia Pacific for 2024.^[5] This recognition highlights his efforts in navigating significant challenges, spearheading digital transformation initiatives, expanding banking access, and integrating sustainable practices within the bank.

Under his leadership, HDFC Bank maintained operational resilience and consistent customer service amidst evolving circumstances. A notable achievement during his tenure was the merger of HDFC Limited into HDFC Bank in 2023, a move that significantly boosted HDFC Bank's market capitalization to over INR 12 trillion (approximately $154 billion).^[6]

Controversies

Sashidhar Jagdishan is currently facing allegations of financial fraud. The Lilavati Kirtilal Mehta Medical Trust, which owns and controls Lilavati Hospital in Mumbai, filed a First Information Report (FIR) against him and eight others, including former bank employees. The trust alleged that Jagdishan was involved in misappropriating funds, citing a seized cash diary that reportedly indicated his direct receipt of ₹2.05 crore out of a total of ₹14.42 crore misappropriated by the trustees.

The Mehta family, controlling the trust, called for his suspension from HDFC Bank and urged regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to take action. HDFC Bank has publicly denied these charges, stating they are "malicious and baseless" and are linked to an attempt by individuals to avoid repaying a loan.^[7]