Four of top 10 most-valued firms add over Rs 81,000 crore
Last week, four of the top 10 most-valued firms together added Rs 81,151.31 crore in market valuation. ICICI Bank and HDFC Bank emerged as the biggest gainers.
The Reserve Bank of India has approved the appointment of Sashidhar Jagdishan as Managing Director & CEO of the HDFC Bank for a period of 3 years, the private lender announced on Tuesday. He takes over from Aditya Puri, who had probably one of the longest stints as MD and CEO in the private banking space and even in India Inc as a professional CEO at the helm for 26 years. Puri retires on October 26.
Jagdishan’s tenure is for three years with effect from his date of taking charge, October 27, 2020, under Section 35B of the Banking Regulation Act 1949, the bank said in a regulatory filing.
“We wish to inform you that the Reserve Bank of India (‘RBI’) vide its communication dated August 3, 2020, has approved the appointment of Mr. Sashidhar Jagdishan as Managing Director & CEO of the Bank for a period of 3 (three) years w.e.f. his date of taking charge, i.e. October 27, 2020, under Section 35B of the Banking Regulation Act 1949,” the filing said.
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The private lender informed the stock exchanges that a Board meeting will soon be convened to approve Jagdishan’s appointment.
“… the Board of Directors of the Bank will be convened in due course inter alia to approve the appointment of Mr. Sashidhar Jagdishan as the Managing Director & CEO of the Bank, in place of Mr. Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020,” it said.
He is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the bank. He has an overall experience of 30 years.
Sashidhar Jagdishan (Sashi) joined the HDFC Bank in the year 1996 as a Manager in the Finance function. He became Business Head- Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He has played a critical role in supporting the growth trajectory of the Bank.
Prior to joining HDFC Bank, Sashi was a Senior Officer in the Country Financial Control Division of Deutsche Bank, AG, Mumbai.
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