In spotlight over governance, HDFC Bank CEO Sashidhar Jagdishan to step down

HDFC Bank's CEO Sashidhar Jagdishan will resign as Managing Director and CEO in October, concluding a six-year leadership term that included overseeing the bank's merger with HDFC Ltd. This decision comes amid growing scrutiny over the bank's governance and internal practices. The board has expedited the process to select and appoint Jagdishan's successor, despite his reluctance to seek reappointment.

Jagdishan, who has been with HDFC Bank since 1996, played a key role in the bank's financial and strategic functions, but questions have now been raised about the bank's governance and internal controls as it integrates the merged institution and prepares for the next phase of growth.