HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan has decided not to seek reappointment and will retire from the bank on October 26, 2026, the private-sector lender said in a regulatory filing.
Jagdishan communicated his decision to the bank’s board on Saturday. The board took note of the communication and said he had reiterated his intention to step down despite its efforts to persuade him to reconsider. Jagdishan will retire from HDFC Bank’s services at the close of business on October 26. The bank did not provide details about his successor in the filing.
“Despite persuasion, Mr. Jagdishan reiterated his decision to not seek reappointment. Accordingly, he shall retire from the services of the Bank upon the close of business hours on October 26, 2026,” the filing read.
Jagdishan had been expected to seek a third term but the abrupt exit of a former chairman raised investor concerns over HDFC Bank. However, an external review completed in June found no evidence to substantiate the governance issues raised by the former chairman.
In July, the bank’s board penalised three senior executives, including Jagdishan, after concluding that employees involved in setting deposit rates for a state agency had engaged in “business overreach”.
The bank’s board said it would fast-track the process of appointing Jagdishan’s successor.