Aditya Puri

Aditya Puri
Aditya Puri
Aditya Puri
Birthplace	Gurdaspur, Punjab, India
Nationality	Indian
Occupation	Banking executive, corporate advisor
Employer	The Carlyle Group, Strides Group, ISGEC Heavy Engineering
Known for	Founding managing director and CEO of HDFC Bank
Awards	Lifetime Achievement Award (Business Today–KPMG), AIMA JRD Tata Corporate Leadership Award, Padma Bhushan (reported nomination)

'Aditya Puri is an Indian banking executive and corporate advisor who served as the managing director and chief executive officer of HDFC Bank, India's largest private sector bank by market capitalisation, from September 1994 until his retirement in October 2020. Over a tenure spanning 26 years, Puri built HDFC Bank from a start-up institution into one of the most valuable banks in the world, earning recognition as the longest-serving head of any private bank in India. Under his leadership, HDFC Bank consistently topped rankings of India's best-managed financial institutions, and Puri himself featured on international lists such as Barron's Top 30 Global CEOs and Fortunes Businessperson of the Year listings. N. R. Narayana Murthy, co-founder of Infosys, described Puri as "India's finest entrepreneur post-Independence" during a joint appearance at the Indian Institute of Management Bangalore in 2025. Since retirement, Puri has taken advisory and directorial roles at The Carlyle Group, the Strides Group, and, as of May 2026, ISGEC Heavy Engineering.

Early Life

Aditya Puri was born in Gurdaspur, a city in the Punjab region of India. Details of his early childhood and family background have remained relatively private, though his daughter, actress Amrita Puri, has spoken publicly about inheriting her father's headstrong temperament.

Before founding HDFC Bank, Puri spent nearly two decades in international banking. He worked at Citibank, where he rose through the ranks and gained extensive experience in retail and corporate banking across multiple geographies. His years at Citibank exposed him to global banking practices, technology-driven financial services, and disciplined risk management — competencies that would later define his approach at HDFC Bank. His international experience positioned him as a candidate to lead one of the first new-generation private sector banks in India following the liberalisation reforms of the early 1990s.

Puri's career trajectory from a Punjab upbringing through multinational banking to founding what would become India's most valuable private bank has been cited in business and leadership literature as an example of institution-building in the Indian context.

Career

Founding and Early Years of HDFC Bank (1994–2000)

Aditya Puri assumed the position of managing director of HDFC Bank in September 1994, shortly after the bank received its banking licence from the Reserve Bank of India. The bank was promoted by the Housing Development Finance Corporation (HDFC), at the time one of India's leading housing finance companies. India's banking sector was undergoing significant transformation following the economic liberalisation policies introduced in 1991, and HDFC Bank was among the first new-generation private sector banks permitted to operate.

From the outset, Puri articulated a strategy centred on simplicity, customer focus, and disciplined risk management. In a McKinsey interview conducted upon his retirement, Puri reflected that HDFC Bank's foundational philosophy was to "keep it simple" — focusing on core banking products, investing in technology, and maintaining conservative lending standards. This approach distinguished HDFC Bank from several of its contemporaries that pursued aggressive growth strategies, some of which later encountered asset quality problems.

During this period, HDFC Bank established its retail banking franchise, built out its branch network, and invested in technology infrastructure at a time when many Indian banks still relied heavily on manual processes. Puri's experience at Citibank informed the bank's early adoption of technology for transaction processing, customer service, and risk monitoring.

Times Bank Merger and Growth (2000–2010)

A significant milestone in HDFC Bank's growth came with the amalgamation of Times Bank with HDFC Bank. Times Bank, promoted by The Times Group, was merged into HDFC Bank, which expanded the latter's branch network and customer base considerably. This was one of the first major mergers in India's new-generation private banking sector and demonstrated Puri's willingness to pursue inorganic growth when it aligned with the bank's strategic objectives.

Through the 2000s, under Puri's leadership, HDFC Bank expanded across India's metropolitan, semi-urban, and rural markets. The bank grew its product suite to include credit cards, personal loans, vehicle financing, agricultural lending, and a comprehensive suite of corporate banking products. Puri consistently emphasised a balanced approach to growth, maintaining that the bank would not sacrifice asset quality for market share.

By the end of this decade, HDFC Bank had established itself as one of the "big three" private sector banks in India, alongside ICICI Bank and Axis Bank, and had begun to rival several public sector banks in scale.

Becoming India's Most Valuable Bank (2010–2020)

The final decade of Puri's tenure saw HDFC Bank ascend to the position of India's most valuable bank by market capitalisation and one of the largest banks globally by this measure. In 2015, Forbes noted that Puri had "created India's most valuable bank," with the institution's market capitalisation surpassing that of long-established state-owned banks such as the State Bank of India. HDFC Bank also consistently topped Forbes's rankings of India's best banks.

During this period, Puri oversaw HDFC Bank's digital transformation, investing in mobile banking, internet banking, and digital payment infrastructure. He recognised early that technology would be a defining differentiator in Indian banking, and the bank's digital initiatives allowed it to serve a rapidly growing customer base without proportional increases in physical infrastructure costs.

Puri was the highest-paid bank CEO in India for several years running. In 2019, The Economic Times reported that he remained the top-paid bank CEO in the country.

Puri also featured in several prominent global rankings during this period. He appeared on Barron's list of the Top 30 Global CEOs in 2018, becoming one of the few Indian executives to receive the distinction. He was the only Indian on Fortune's list of top businessmen in the world in a separate year. He also appeared on the Fortune list of businesspeople alongside other Indian executives, as reported by The Economic Times and Hindustan Times.

India Today ranked Puri at number 24 on its "India's 50 Most Powerful People of 2017" list, a recognition that extended beyond the financial sector to acknowledge his broader influence in Indian business and public life.

Leadership Philosophy

Puri's leadership style has been the subject of analysis in business publications and academic settings. In interviews with McKinsey & Company, both at the time of his retirement in 2020 and subsequently, Puri discussed what he described as a "first among equals" approach to leadership. He emphasised the importance of building institutional capabilities rather than creating dependency on individual leaders, investing in people and processes that could sustain the bank's performance beyond any single tenure.

Anand Mahindra, chairman of the Mahindra Group, shared an anecdote at the Financial Express Best Banks Awards about Puri's hands-on management style. According to Mahindra, Puri once asked a young manager about day-to-day operational details — an illustration of his approach of staying connected to frontline banking operations despite heading a large institution.

During a fireside chat at IIM Bangalore in 2025, Puri and N. R. Narayana Murthy discussed "The Art of Building Legendary Companies," with both speakers emphasising the role of values and strong organisational culture in creating enduring institutions.

Succession and Retirement (2020)

The question of succession at HDFC Bank was closely watched by investors and the financial media throughout the late 2010s. In 2016, Puri stated publicly that a succession plan for the bank was in place. Puri retired from HDFC Bank in October 2020, at the age of 70, in compliance with RBI regulations on the maximum age for bank CEOs.

He was succeeded by Sashidhar Jagdishan, who had served as a senior executive at the bank. Jagdishan took charge as CEO and managing director in October 2020.

Post-Retirement Roles (2021–present)

Following his retirement from HDFC Bank, Puri took on advisory and board positions at multiple organisations. He joined The Carlyle Group, a global private equity firm, as a senior advisor. He also joined the Strides Group as an advisor, as reported by The Hindu Business Line in January 2021.

In May 2026, Puri was appointed managing director of ISGEC Heavy Engineering Limited, marking a return to an executive operational role outside the banking sector.

Puri has continued to participate in public forums discussing leadership and institution-building. His appearance with N. R. Narayana Murthy at IIM Bangalore in 2025 drew attention for both leaders' reflections on the principles underlying their respective organisations.

Raamdeo Agrawal of Motilal Oswal Financial Services publicly cited Puri's reputation and judgment as a factor in his own firm's investment decisions, noting that Puri's backing of AU Small Finance Bank at an early stage served as a signal of the institution's quality.

Personal Life

Aditya Puri has two children: Amrita Puri and Amit Puri. His daughter, Amrita Puri, is an actress who has appeared in Hindi films. In a 2013 interview with The Times of India, Amrita described herself as "headstrong like my father," providing a glimpse into Puri's personality outside the corporate boardroom.

Puri has maintained a relatively low public profile regarding his personal life compared to his extensive professional visibility. He is an Indian citizen, born in Gurdaspur, Punjab.

Recognition

Aditya Puri has received numerous awards and honours over the course of his career, spanning both Indian and international recognition.

In 2008, he was named CNN-IBN Indian of the Year in the business category, one of the earliest major public recognitions of his impact on the Indian banking sector.

He received the Lifetime Achievement Award from Business Today and KPMG for his contributions to Indian banking.

The All India Management Association (AIMA) conferred upon him the JRD Tata Corporate Leadership Award, one of India's notable corporate leadership recognitions.

In 2019, the American India Foundation honoured Puri alongside Michael Dell, the CEO of Dell Technologies, at an event that recognised contributions to business and philanthropy.

India Today ranked Puri at number 24 on its "India's 50 Most Powerful People of 2017" list.

HDFC Bank itself received extensive recognition during Puri's tenure, including multiple awards listed on the bank's official awards page, reflecting the institution's standing in Indian and global banking.

Legacy

Aditya Puri's 26-year tenure at HDFC Bank is one of the longest and most consequential leadership tenures in Indian corporate history. He took charge of a newly licensed bank with no branches, no customers, and no established brand, and built it into India's largest private sector bank and one of the most valuable banking franchises globally.

His insistence on conservative risk management, investment in technology, and a customer-centric approach became hallmarks of HDFC Bank's operating model. In multiple McKinsey interviews, Puri attributed the bank's success to simplicity in strategy, discipline in execution, and an organisational culture that prioritised long-term sustainability over short-term growth.

The bank's influence extended beyond its own operations. HDFC Bank's success demonstrated the viability of private sector banking in India at a time when the sector was dominated by government-owned institutions. The bank's track record of consistent profitability, low non-performing asset ratios relative to the industry, and sustained growth served as a benchmark for other private banks.

N. R. Narayana Murthy's characterisation of Puri as "India's finest entrepreneur post-Independence" at IIM Bangalore in 2025 reflected the stature Puri achieved not only within banking but in the broader landscape of Indian business. His reputation in the investment community was such that his endorsement of other financial institutions carried weight, as evidenced by Raamdeo Agrawal's account of investment decisions influenced by Puri's judgment.

The orderly succession at HDFC Bank — with Sashidhar Jagdishan taking over in 2020 after a planned transition — was itself considered a reflection of Puri's institutional approach to leadership, contrasting with the succession challenges that some other Indian private banks experienced during the same period.