HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
Shareholders had already approved his appointment in 2015 for a period of five years subject to RBI approval
Puri gave up the comforts of Citibank to set up a new-age bank from a rat-infested room in the Kamala Mills Compound in Worli, Mumbai and build a marquee brand. A look at his 26-year stint as HDFC Bank's boss.
Former HDFC Bank CEO Aditya Puri will be guiding global Carlyle on investment opportunities across Asia as a senior advisor, the global private equity major said on Monday.
Jagdishan, currently working as the 'change agent' of HDFC Bank and head of finance, has been with the bank since 1996.
Hong Kong-based Finance Asia conducts the annual poll to find Asia's top companies in different categories, including Best CEO, it said. In the best managed company category, HDFC Bank came third while in corporate governance category, the bank was ranked second after Infosys Technologies.
The veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country.
The Financial Times, citing multiple bankers and shareholders, reports that the real tensions ran far deeper than compliance concerns.
Puri will hang up his boots this October as he will reach the maximum age limit of 70 for a chief executive officer of a private bank. Puri has been at the helm of HDFC Bank for the past 26 years, since its inception in 1994.
20 CEOs are from the companies based in US.
Under its plans to increase the retail base in India, HDFC Bank Ltd is to open another 100 branches in this fiscal, taking the total network to around 300 by March, and set up 1,500 point of sales (POS) every month in the country.
He is the chief executive and managing director of the second largest private sector lender HDFC Bank
HDFC Bank, which is set to overtake India's largest private sector bank ICICI in branch network by merging Centurion Bank of Punjab with itself, is now keen to expand overseas to tap the non-resident Indian market. "We have applied for licences in Bahrain and Hong Kong. We have a representative office in Dubai, while CBoP has one in Canada," HDFC Bank Managing Director Aditya Puri said.
HDFC Bank managing director Aditya Puri says a little delay in monetary transmission is inevitable
HDFC Bank has partnered with National Insurance Company and Mastercard International to launch its "HDFC Bank Health Plus Credit Card" and expects to sell 15,000-20,000 cards in the first year of the alliance.
HDFC Bank on Friday ruled out acquisitions or mergers at present but said it hopes to grow by 25-30 per cent in the next two-three years.
However, the remuneration of Puri and Kochhar are not strictly comparable as the two banks follow different accounting practices.
HDFC Bank on Tuesday ruled out merger with its parent HDFC or acquiring smaller banks in the near future, but said it has embarked on an aggressive organic growth path in India and abroad.\n\n
HDFC Bank managing director Aditya Puri on Wednesday said the lender's business is returning to pre-COVID-19 levels and full normalcy is expected to be restored soon.
Puri earned a salary of Rs 7.39 crore in FY15, up 21.74% from last year
Puri pointed out that government's work on agricultural constituents like functioning of the APMCs, irrigation and direct benefit transfers will help the supply side
He urged employees to work as a team, follow the vision the lender has set out for itself and beat competition.
Talks of a merger between HDFC Bank and parent HDFC Ltd had gained steam nearly eight years ago, when the Reserve Bank of India allowed banks to issue long-term bonds to fund infrastructure and affordable housing. At that time, key executives at both entities denied any such proposal. And today, the merger has been officially announced by the two players.
For over a decade, HDFC Bank consistently outperformed industry growth rates in both deposits and advances, maintaining impeccable asset quality. Amid a landscape where other banks struggled with soaring non-performing assets (NPAs), HDFC Bank thrived, eventually surpassing ICICI Bank to become the largest private sector lender in India. Its net interest margin (NIM) remained stable in the range of 4.1-4.4 per cent.
'If you want to live a happy life, you have to help the downtrodden. You have to understand that you have been given a position which is a confluence of your own capability and the grace of God. You must use that position to exemplify to others what has to be followed.'
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The country's second largest private sector lender HDFC Bank promoted Paresh Sukthankar as the deputy managing director.
When costs go down, interest rates will go down, says managing director and CEO Aditya Puri.
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
The bank's base rate currently stands at 10 per cent and the last movement in it was in November last year, when it was hiked by 0.20 per cent.
A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
HDFC Bank becomes first Indian lender to develop mobile banking app for Apple's latest offering in India.
These are the highest-earning bank CEOs in India.
Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, the largest private-sector lender of the country, has just completed his first term. The period October 2020-October 2023 was a roller coaster, and the second one, which started on October 27, could be more interesting as the lender absorbs the impact of the merger of HDFC, which was integrated on July 1, and moves to the next growth phase. Soon after he took over the reins from Aditya Puri on October 27, 2020, the Reserve Bank of India (RBI) debarred HDFC Bank from enrolling new credit card customers and launching new products under the Digital 2.0 programme due to repeated outages on its mobile-banking and internet-banking platforms.
HDFC Bank, the country's second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 per cent.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
"The GDP growth projections are 5 per cent for this year and 5.5-7 per cent next year, which are very good in the current context. So we are doing relatively well," says HDFC Bank's Managing Director Aditya Puri.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
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