Sashidhar Jagdishan, the managing director and CEO of HDFC Bank, has been named as the Business Standard Banker of the Year 2022, due to his successful navigation of technology-related challenges while maintaining the bank’s strong performance.
A jury chaired by former Reserve Bank of India (RBI) deputy governor S S Mundra selected Jagdishan as the winner, with other members including Keki Mistry, Vice Chairman and CEO of HDFC Limited, Anil Singhvi, Ican Investment Advisors Chairman, A Balasubramanian, MD, and CEO of Aditya Birla Sun Life Asset Management Company, and P S Jayakumar, former MD and CEO of Bank of Baroda.
Jagdishan took over as CEO of HDFC Bank on October 27, 2020, following the retirement of his predecessor Aditya Puri, who reached the maximum age for a CEO in a private sector bank according to RBI norms. In the early days of his appointment, the bank faced challenges due to repeated outages of its mobile and internet banking platforms, resulting in a ban on onboarding new credit card customers and launching new digital products by the RBI. Jagdishan responded to this crisis by apologizing to customers and taking immediate action to address the situation, resulting in the lifting of all bans by the end of the 2021-22 financial year.
Under the auspices of a tribunal, Jagdishan’s stewardship has been acknowledged in view of HDFC Bank’s formidable fiscal presentation. During the 2021-22 fiscal year, the bank procured a boost of 18.8% in the mesh profit to Rs 36,961.3 crore. This rise was reinforced by an escalation of 11% in the mesh interest income to Rs 72,009.6 crore. HDFC Bank succeeded in preserving a net interest margin of 4.0%, while its gross non-performing asset ratio of 1.17% was one of the most exemplary among Indian financial institutions. At the tail end of the fiscal year, HDFC Bank held 11.2% of the credit marketplace quota and 9.5% of deposits, amounting to a commercial worth proximal to Rs 30 trillion.
Under the strategic guidance of Jagdishan, HDFC Bank has exhibited formidable financial outcomes, truly attesting to his sterling leadership. The bank has unyieldingly maintained its exalted standing as one of India’s top financial institutions, boasting an impressive market share and enviable fiscal stability. HDFC Bank’s exemplary proficiency in sustaining a high net interest margin and a meager non-performing asset ratio bears witness to its astute business acumen and risk management strategies. Overall, Jagdishan’s unwavering leadership and sagacity have not only contributed to the bank’s commendable financial feats but also ensured its preeminent position among India’s leading financial entities.
Jagdishan’s journey at HDFC Bank began in 1996 as a manager in the finance function, with his role expanding to include overseeing finance, human resources, legal & secretarial, administration, infrastructure, corporate communications, and corporate social responsibility before being appointed as MD and CEO. A chartered accountant by profession, Jagdishan holds a Master’s degree in Economics of Money, Banking & Finance from the University of Sheffield, UK.
