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{{Infobox person
{{Infobox person
| name = Sashidhar Jagdishan
| name         = Sashidhar Jagdishan
| birth_date = 1965
| birth_date   = {{Birth year and age|1965}}
| birth_place = Mumbai, India
| birth_place = [[Mumbai]], India
| nationality = Indian
| nationality = Indian
| alma_mater = University of Mumbai (BSc)<br>University of Sheffield (MSc)
| alma_mater   = [[University of Mumbai]] (BSc)<br>[[University of Sheffield]] (MSc)
| occupation = Banker
| occupation   = Banker
| known_for = Managing Director and CEO of HDFC Bank
| known_for   = Managing Director and CEO of [[HDFC Bank]]
| title = Managing Director and Chief Executive Officer, HDFC Bank
| employer    = [[HDFC Bank]]
| title       = Managing Director and Chief Executive Officer
}}
}}


Sashidhar Jagdishan (born 1965) is an Indian banker who serves as the managing director and chief executive officer of '''HDFC Bank''', one of India's largest private sector banks by market capitalization. A career HDFC Bank executive, Jagdishan joined the institution in 1996 as a manager in its finance division and rose steadily through its ranks over more than two decades before being appointed to the bank's top leadership position in 2020, succeeding Aditya Puri, who had led the bank since its inception.<ref name="ndtv">{{cite news |date=2025-06-09 |title=Who Is Sashidhar Jagdishan? HDFC Bank CEO Facing Financial Fraud Allegations |url=https://www.ndtv.com/india-news/who-is-sashidhar-jagdishan-hdfc-bank-ceo-and-md-facing-financial-fraud-allegations-8622547 |work=NDTV |access-date=2026-02-24}}</ref> His appointment was approved by the Reserve Bank of India (RBI), confirming him as the steward of a banking institution that ranks among the most valuable financial enterprises in Asia.<ref name="itv">{{cite web |title=Sashidhar Jagdishan appointed new CEO of HDFC Bank |url=https://indiantelevision.com/mam/sashidhar-jagdishan-appointed-new-ceo-of-hdfc-bank/ |publisher=Indian Television Dot Com |access-date=2026-02-24}}</ref> Born and raised in Mumbai, Jagdishan holds a Bachelor of Science degree from the University of Mumbai and a Master of Science degree from the University of Sheffield in the United Kingdom. His tenure as CEO has been defined by the landmark merger of HDFC Ltd with HDFC Bank, one of the largest corporate mergers in Indian history, as well as the bank's continued expansion in retail and digital banking. In FY25, he was reported to be India's highest-paid banker, with compensation exceeding ₹12 crore.<ref name="et-pay">{{cite news |date=2025-07-17 |title=HDFC Bank chief Sashidhar Jagdishan is India's best-paid banker of FY25 |url=https://m.economictimes.com/industry/banking/finance/banking/hdfc-bank-chief-sashidhar-jagdishan-is-indias-best-paid-banker-of-fy25/articleshow/122591687.cms |work=The Economic Times |access-date=2026-02-24}}</ref>
Sashidhar Jagdishan (born 1965) is an Indian banker who serves as the managing director and chief executive officer of [[HDFC Bank]], one of India's largest private sector banks by market capitalization. A career HDFC Bank insider, Jagdishan joined the institution in 1996 as a manager in the finance division and rose through its ranks over more than two decades before being appointed to the top role in 2020, succeeding [[Aditya Puri]], the bank's longest-serving chief executive.<ref name="ndtv">{{cite news |date=2025-06-09 |title=Who Is Sashidhar Jagdishan? HDFC Bank CEO Facing Financial Fraud Allegations |url=https://www.ndtv.com/india-news/who-is-sashidhar-jagdishan-hdfc-bank-ceo-and-md-facing-financial-fraud-allegations-8622547 |work=NDTV |access-date=2026-02-24}}</ref> His appointment was approved by the [[Reserve Bank of India]] (RBI), and he formally took charge of the bank's operations at a time when HDFC Bank was navigating the economic uncertainties brought about by the COVID-19 pandemic.<ref name="itv">{{cite web |title=Sashidhar Jagdishan appointed new CEO of HDFC Bank |url=https://indiantelevision.com/mam/sashidhar-jagdishan-appointed-new-ceo-of-hdfc-bank/ |publisher=Indian Television Dot Com |access-date=2026-02-24}}</ref> Under his leadership, HDFC Bank undertook the landmark merger with its parent entity, [[HDFC Ltd]], one of the largest corporate mergers in Indian financial history. Jagdishan was recognized as India's highest-paid banker for the financial year 2024–25, with his total compensation exceeding ₹12 crore.<ref name="et-pay">{{cite news |date=2025-07-17 |title=HDFC Bank chief Sashidhar Jagdishan is India's best-paid banker of FY25 |url=https://m.economictimes.com/industry/banking/finance/banking/hdfc-bank-chief-sashidhar-jagdishan-is-indias-best-paid-banker-of-fy25/articleshow/122591687.cms |work=The Economic Times |access-date=2026-02-24}}</ref> In mid-2025, Jagdishan became the subject of public attention after an FIR was registered against him in connection with allegations of financial fraud brought by the Mehta family relating to the Lilavati Trust, claims that HDFC Bank has categorically denied.<ref name="ht">{{cite news |date=2025-06-08 |title=Sashidhar Jagdishan, HDFC MD-CEO, booked for fraud {{!}} Who is he and what's the case? |url=https://www.hindustantimes.com/india-news/sashidhar-jagdishan-hdfc-ceo-booked-for-fraud-lilavati-trust-who-is-sashidhar-jagdishan-101749396622338.html |work=Hindustan Times |access-date=2026-02-24}}</ref>


== Early Life ==
== Early Life ==


Sashidhar Jagdishan was born in 1965 in Mumbai, India.<ref name="ndtv" /> He grew up in the city that would later become the headquarters of the bank he would lead. Details of his early family life and upbringing have not been extensively documented in public sources, though his educational trajectory indicates a strong foundation in the sciences and an early orientation toward academic achievement. Mumbai, as India's financial capital, provided the milieu in which Jagdishan would eventually build his banking career.
Sashidhar Jagdishan was born in 1965 in [[Mumbai]], India.<ref name="ndtv" /> He grew up in Mumbai, which would also become the city where he built his entire professional career. Details about his family background and upbringing have not been extensively documented in public sources. Mumbai's status as the financial capital of India provided the backdrop for Jagdishan's eventual entry into the banking industry, where he would spend the entirety of his professional life at a single institution.<ref name="cnbctv18-profile">{{cite web |title=Meet Sashidhar Jagdishan, the man set to take over from Aditya Puri as CEO of HDFC Bank |url=https://www.cnbctv18.com/finance/meet-sashidhar-jagdishan-the-man-set-to-take-over-from-aditya-puri-as-ceo-of-hdfc-bank-6538261.htm |publisher=CNBCTV18 |access-date=2026-02-24}}</ref>
 
Jagdishan's early academic life was rooted in Mumbai, where he pursued his undergraduate studies at the University of Mumbai, earning a Bachelor of Science (BSc) degree.<ref name="dna">{{cite web |title=Meet Sashidhar Jagdishan, Mumbai University alumnus, CEO of ₹890,000 crore HDFC Bank |url=https://www.dnaindia.com/business/report-meet-sashidhar-jagdishan-mumbai-university-alumnus-ceo-890000-crore-hdfc-bank-salary-651-crore-kaizad-bharucha-3030521 |publisher=DNA India |access-date=2026-02-24}}</ref> His status as a Mumbai University alumnus later became a point of note in Indian media coverage, underscoring his trajectory from a domestic public university education to the leadership of one of the country's most prominent private sector banks.


== Education ==
== Education ==


Jagdishan completed his Bachelor of Science degree at the University of Mumbai.<ref name="dna" /> He subsequently pursued postgraduate studies at the University of Sheffield in the United Kingdom, where he obtained a Master of Science (MSc) degree.<ref name="cnbctv18-profile">{{cite web |title=Sashidhar Jagdishan profile: CEO MD HDFC Bank |url=https://www.cnbctv18.com/business/finance/sashidhar-jagdishan-profile-ceo-md-hdfc-bank-fraud-allegations-19617113.htm |publisher=CNBCTV18 |access-date=2026-02-24}}</ref> His postgraduate education in the United Kingdom provided him with international academic exposure, a background that would complement his later career in India's increasingly globalized banking sector.
Jagdishan completed his undergraduate education at the [[University of Mumbai]], where he earned a Bachelor of Science (BSc) degree.<ref name="dna">{{cite web |title=Meet Sashidhar Jagdishan, Mumbai University alumnus, CEO 8,90,000 crore HDFC Bank |url=https://www.dnaindia.com/business/report-meet-sashidhar-jagdishan-mumbai-university-alumnus-ceo-890000-crore-hdfc-bank-salary-651-crore-kaizad-bharucha-3030521 |publisher=DNA India |access-date=2026-02-24}}</ref> He subsequently pursued postgraduate studies in the United Kingdom, obtaining a Master of Science (MSc) degree from the [[University of Sheffield]].<ref name="dna" /> His academic background in the sciences, rather than in a traditional business or finance discipline, distinguished him from many of his contemporaries in the Indian banking sector. The combination of a domestic undergraduate foundation and an international postgraduate qualification equipped Jagdishan with a perspective that he later applied during his long tenure in HDFC Bank's finance and operations divisions.<ref name="cnbctv18-profile" />


== Career ==
== Career ==


=== Early Career at HDFC Bank ===
=== Early Career at HDFC Bank (1996–2008) ===


Sashidhar Jagdishan joined HDFC Bank in 1996, beginning his career at the institution as a manager in the finance division.<ref name="msn">{{cite news |date=2025-06-09 |title=Who is Sashidhar Jagdishan? HDFC Bank CEO under financial fraud lens |url=https://www.msn.com/en-in/news/other/who-is-sashidhar-jagdishan-hdfc-bank-ceo-under-financial-fraud-lens/ar-AA1GlFLU |work=MSN |access-date=2026-02-24}}</ref> HDFC Bank, which had been established in 1994 as one of the first banks to receive an 'in principle' approval from the Reserve Bank of India to set up a private sector bank, was still in its early years of operation when Jagdishan came aboard. He joined at a formative stage in the institution's development, during a period when the Indian banking sector was undergoing significant liberalization and expansion.
Jagdishan joined HDFC Bank in 1996 as a manager in the finance division.<ref name="msn">{{cite news |date=2025-06 |title=Who is Sashidhar Jagdishan? HDFC Bank CEO under financial fraud lens |url=https://www.msn.com/en-in/news/other/who-is-sashidhar-jagdishan-hdfc-bank-ceo-under-financial-fraud-lens/ar-AA1GlFLU |work=MSN |access-date=2026-02-24}}</ref> At the time, HDFC Bank was still a relatively young institution, having been incorporated in 1994 and commenced operations in early 1995 under the leadership of its founding CEO, Aditya Puri. Jagdishan's entry into the bank during this formative period placed him among a cadre of early employees who would help shape the institution's growth trajectory over the following decades. He rose through the ranks within the finance function, gaining extensive experience in the bank's financial planning, reporting, and regulatory compliance operations.<ref name="msn" /><ref name="cnbctv18-profile" />


From his initial role in finance, Jagdishan rose through the ranks of the organization over the course of more than two decades.<ref name="msn" /> His career progression within the bank encompassed roles across multiple functions, with particular depth in the areas of finance, human resources, legal and compliance, and administration. This broad functional experience distinguished Jagdishan from many banking executives who rise primarily through lending or treasury operations, and gave him a comprehensive understanding of the bank's operations.
=== Senior Leadership Roles (2008–2020) ===


=== Rise to Senior Leadership ===
Over the course of more than two decades at HDFC Bank, Jagdishan progressed through multiple senior management positions. He served as the bank's Chief Financial Officer (CFO), a role that gave him oversight of the institution's financial strategy, capital allocation, and regulatory submissions.<ref name="cnbctv18-profile2">{{cite web |title=Sashidhar Jagdishan profile: CEO, MD HDFC Bank |url=https://www.cnbctv18.com/business/finance/sashidhar-jagdishan-profile-ceo-md-hdfc-bank-fraud-allegations-19617113.htm |publisher=CNBCTV18 |access-date=2026-02-24}}</ref> His responsibilities expanded over time to include oversight of the bank's human resources, legal and secretarial functions, and administration, making him one of the most broadly experienced members of the senior management team.<ref name="cnbctv18-profile" />


Over the years, Jagdishan's steady ascent within HDFC Bank positioned him as one of the most senior executives at the institution under the leadership of Aditya Puri, who served as the bank's managing director and CEO from its founding in 1994 until his retirement in 2020. Jagdishan's responsibilities grew to encompass oversight of critical bank functions, and he was seen as one of the key figures in the bank's senior management team.
Jagdishan's long tenure and cross-functional experience within the bank made him a strong internal candidate for the top position as Aditya Puri's retirement approached. Puri had led HDFC Bank for 26 years, transforming it from a small private sector bank into one of the most valuable financial institutions in India. The succession process attracted significant attention from investors, analysts, and the media, with several internal and external candidates being discussed as potential successors.<ref name="cnbctv18-profile" />


His deep institutional knowledge and his involvement in the bank's financial operations and strategic planning made him a prominent internal candidate for succession when the question of Puri's replacement arose. HDFC Bank's board and the Reserve Bank of India both played roles in the succession process, which attracted significant attention given HDFC Bank's status as one of India's most valuable companies.<ref name="cnbctv18-meet">{{cite web |title=Meet Sashidhar Jagdishan, the man set to take over from Aditya Puri as CEO of HDFC Bank |url=https://www.cnbctv18.com/finance/meet-sashidhar-jagdishan-the-man-set-to-take-over-from-aditya-puri-as-ceo-of-hdfc-bank-6538261.htm |publisher=CNBCTV18 |access-date=2026-02-24}}</ref>
=== Appointment as Managing Director and CEO (2020) ===


=== Appointment as Managing Director and CEO ===
The Reserve Bank of India approved Sashidhar Jagdishan's appointment as the managing director and chief executive officer of HDFC Bank in 2020.<ref name="itv" /> He succeeded Aditya Puri, who had served as the bank's CEO since its inception and was the longest-serving CEO in Indian banking history at the time of his retirement.<ref name="ndtv" /> Jagdishan's appointment was viewed as a continuity choice, given his nearly quarter-century of service at the bank and his deep familiarity with its operations, culture, and strategic direction.<ref name="cnbctv18-profile" />


In 2020, the Reserve Bank of India approved Sashidhar Jagdishan's appointment as the managing director and chief executive officer of HDFC Bank, succeeding Aditya Puri, the bank's longest-serving CEO.<ref name="ndtv" /><ref name="itv" /> The appointment marked a significant transition for the bank, as Puri had been the institution's sole CEO since its establishment and was credited with building it into one of India's largest and most profitable banks. Jagdishan took charge of an institution with a market capitalization that placed it among the most valuable banks not only in India but across Asia.
Taking charge during a period marked by the economic disruptions of the COVID-19 pandemic, Jagdishan faced the immediate challenge of maintaining the bank's asset quality and operational stability amid a nationwide economic slowdown. The banking sector in India was navigating elevated levels of stress in loan portfolios, and regulatory scrutiny of digital operations had intensified following technology-related outages that affected several banks, including HDFC Bank.<ref name="cnbctv18-profile2" />
 
The transition of leadership from Puri to Jagdishan was closely watched by investors, analysts, and regulators. Jagdishan's long tenure at the bank and his deep familiarity with its culture, operations, and strategic direction were cited as factors in his selection. His appointment signaled a preference for continuity and institutional knowledge over external recruitment.<ref name="cnbctv18-meet" />


=== HDFC Ltd–HDFC Bank Merger ===
=== HDFC Ltd–HDFC Bank Merger ===


One of the most consequential developments during Jagdishan's tenure as CEO was the merger of Housing Development Finance Corporation Limited (HDFC Ltd), the bank's parent company and one of India's largest housing finance companies, with HDFC Bank. This transaction, announced in 2022 and completed in 2023, was one of the largest mergers in Indian corporate history, creating a combined entity with a substantially enlarged balance sheet and an expanded portfolio of financial services.<ref name="bt-merger">{{cite web |title=HDFC Ltd–HDFC Bank merger: Behind Sashi Jagdishan's big plans for HDFC Bank |url=https://www.businesstoday.in/magazine/the-buzz/story/hdfc-ltd-hdfc-bank-merger-behind-sashi-jagdishans-big-plans-for-hdfc-bank-390643-2023-07-20 |publisher=Business Today |date=2023-07-20 |access-date=2026-02-24}}</ref>
One of the most consequential developments during Jagdishan's tenure as CEO was the merger of [[HDFC Ltd]], the bank's parent housing finance company, with HDFC Bank. The merger, first announced in April 2022, was one of the largest corporate transactions in Indian history and was completed in July 2023.<ref name="bt-merger">{{cite news |date=2023-07-20 |title=Behind Sashi Jagdishan's big plans for HDFC Bank |url=https://www.businesstoday.in/magazine/the-buzz/story/hdfc-ltd-hdfc-bank-merger-behind-sashi-jagdishans-big-plans-for-hdfc-bank-390643-2023-07-20 |work=Business Today |access-date=2026-02-24}}</ref> The merger brought HDFC Ltd's substantial mortgage lending portfolio onto HDFC Bank's balance sheet, significantly increasing the bank's total assets and loan book. It also brought about a structural shift in the bank's liability profile, as the merged entity needed to raise a larger volume of deposits to comply with banking sector regulatory requirements that did not apply to HDFC Ltd as a housing finance company.<ref name="bt-merger" />
 
The merger was a strategic undertaking that required extensive regulatory approvals, integration planning, and operational restructuring. Under Jagdishan's leadership, the bank navigated the complex process of integrating HDFC Ltd's housing finance portfolio, its customer base, and its workforce into the existing HDFC Bank structure. The merged entity combined the bank's strengths in retail and corporate banking with HDFC Ltd's dominant position in housing finance, creating a financial institution with a broader and deeper product offering.<ref name="bt-merger" />
 
The integration process involved significant challenges, including the alignment of technology platforms, risk management frameworks, and organizational structures. Jagdishan's plans for the post-merger HDFC Bank attracted considerable attention in the Indian financial press and from market analysts, given the scale and strategic implications of the combination.<ref name="bt-merger" />
 
=== Strategic Leadership and Recognition ===
 
Jagdishan's leadership at HDFC Bank has been recognized in regional banking circles. The Asian Banker recognized his strategic leadership at the institution, noting his role in guiding the bank through a period of significant transformation.<ref name="asianbanker">{{cite web |title=Sashidhar Jagdishan's strategic leadership at HDFC Bank recognised in Asia Pacific |url=https://www.theasianbanker.com/updates-and-articles/sashidhar-jagdishans-strategic-leadership-at-hdfc-bank-recognised-in-asia-pacific |publisher=The Asian Banker |access-date=2026-02-24}}</ref>


Under his tenure, HDFC Bank continued to expand its digital banking capabilities, branch network, and retail lending operations. The bank also pursued partnerships in the technology and financial services spaces. Indian media reported in 2023 that Jagdishan met with Apple CEO Tim Cook in connection with plans related to the potential launch of Apple Card services in India, reflecting the bank's interest in technology-driven financial products and global partnerships.<ref name="fe-apple">{{cite web |title=Meet Shashidhar Jagdishan, the CEO of HDFC Bank who met Tim Cook and is about to launch Apple Card in India |url=https://www.financialexpress.com/life/lifestyle-meet-shashidhar-jagdishan-the-ceo-of-hdfc-bank-who-met-tim-cook-and-is-about-to-launch-apple-card-in-india-know-about-his-journey-net-worth-3178317/ |publisher=Financial Express |access-date=2026-02-24}}</ref>
Under Jagdishan's stewardship, the bank undertook the complex integration of the two entities, which involved harmonizing technology platforms, operational processes, employee structures, and customer-facing products. The merger was expected to provide HDFC Bank with a strengthened presence in the housing loan segment and to yield cost synergies over time.<ref name="bt-merger" /> Jagdishan publicly outlined plans for the post-merger entity, focusing on deposit mobilization, branch expansion, and leveraging the combined entity's scale to drive growth across retail and corporate lending segments.<ref name="bt-merger" />


=== Compensation ===
=== Compensation ===


In the financial year 2025 (FY25), Jagdishan was reported by ''The Economic Times'' to be the highest-paid banker in India, with total compensation exceeding ₹12 crore (approximately $1.4 million). His compensation surpassed that of other prominent Indian banking CEOs, including Amitabh Chaudhry of Axis Bank.<ref name="et-pay" /> The compensation figure reflected the scale of HDFC Bank's operations and the expanded responsibilities that came with leading the post-merger institution.
For the financial year 2024–25 (FY25), Sashidhar Jagdishan was recognized as India's highest-paid banker, with his total compensation exceeding ₹12 crore. This placed him ahead of other prominent banking executives in the country, including Amitabh Chaudhry of [[Axis Bank]] and other peers in the private banking sector.<ref name="et-pay" /> His compensation reflected both the scale of HDFC Bank—the largest private sector bank in India by market capitalization—and the complexity of managing the post-merger integration of HDFC Ltd and HDFC Bank.<ref name="et-pay" />


=== Lilavati Trust Fraud Allegations (2025) ===
=== Lilavati Trust Fraud Allegations (2025) ===


In June 2025, an FIR (First Information Report) was filed against Jagdishan by the Mehta family, prominent figures associated with the Lilavati Hospital and Trust in Mumbai. The allegations related to claims of financial fraud and cheating in connection with a bank loan that had originally been provided in 1995, before Jagdishan had joined the bank.<ref name="ht-fir">{{cite news |date=2025-06-08 |title=Sashidhar Jagdishan, HDFC MD-CEO, booked for fraud {{!}} Who is he and what's the case? |url=https://www.hindustantimes.com/india-news/sashidhar-jagdishan-hdfc-ceo-booked-for-fraud-lilavati-trust-who-is-sashidhar-jagdishan-101749396622338.html |work=Hindustan Times |access-date=2026-02-24}}</ref> The Mehta family, which had defaulted on the loan, brought the allegations against Jagdishan in his capacity as the bank's current CEO.<ref name="ht-fir" />
In June 2025, an FIR (First Information Report) was registered against Jagdishan and other individuals in connection with allegations of financial fraud brought by the Mehta family, which is associated with the [[Lilavati Hospital|Lilavati Trust]] in Mumbai.<ref name="ht" /> The allegations were linked to a bank loan that had been provided to the Mehta family in 1995—a year before Jagdishan joined HDFC Bank—on which the family had subsequently defaulted.<ref name="ht" /> The FIR included charges of cheating and fraud.<ref name="mint-fir">{{cite news |date=2025-06-09 |title=Who is Sashidhar Jagdishan? The top banking executive facing financial fraud allegations from Lilavati Trust |url=https://www.livemint.com/companies/people/who-is-sashidhar-jagdishan-hdfc-bank-md-ceo-allege-financial-fraud-lilavati-trust-hospital-mehta-family-mumbai-rbi-news-11749439469159.html |work=Mint |access-date=2026-02-24}}</ref>
 
HDFC Bank issued a statement in response to the FIR, asserting that Jagdishan was being "falsely targeted by unscrupulous individuals" and refuting the allegations made by the Lilavati Trust. The bank characterized the claims as unfounded and stated its intent to defend its CEO and the institution against the charges.<ref name="mint-response">{{cite news |date=2025-06-08 |title=HDFC Bank says CEO Sashidhar Jagdishan falsely targeted by 'unscrupulous' people, refutes Lilavati Trust allegations |url=https://www.livemint.com/companies/hdfc-bank-says-ceo-sashidhar-jagdishan-falsely-targeted-by-unscrupulous-people-refutes-lilavati-trust-allegations-11749363119228.html |work=Mint |access-date=2026-02-24}}</ref>
 
Media reports provided context on the nature of the dispute. According to ''Mint'', the FIR was filed by the Mehta family following allegations tied to the Lilavati Trust, and the matter centered on the handling of the defaulted loan and related financial transactions.<ref name="mint-who">{{cite news |date=2025-06-09 |title=Who is Sashidhar Jagdishan? The top banking executive facing financial fraud allegations from Lilavati Trust |url=https://www.livemint.com/companies/people/who-is-sashidhar-jagdishan-hdfc-bank-md-ceo-allege-financial-fraud-lilavati-trust-hospital-mehta-family-mumbai-rbi-news-11749439469159.html |work=Mint |access-date=2026-02-24}}</ref> ''The Economic Times'' also reported on the FIR, noting Jagdishan's role as the accused in the Lilavati Trust case.<ref name="et-fir">{{cite news |title=HDFC Bank shares: Who is Sashidhar Jagdishan, MD and CEO of HDFC Bank accused in Lilavati Trust FIR |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-shares-who-is-sasidhar-jagdishan-md-and-ceo-of-hdfc-bank-accused-in-lilavti-trust-fir/articleshow/121720349.cms |work=The Economic Times |access-date=2026-02-24}}</ref>
 
In July 2025, the Supreme Court of India refused to entertain a plea filed by Jagdishan challenging the FIR registered against him by the Lilavati Trust. The court's decision meant that the legal proceedings at the lower levels would continue.<ref name="tribune-sc">{{cite news |date=2025-07-04 |title=SC refuses to entertain HDFC Bank CEO's plea challenging FIR by Lilavati Trust |url=https://www.tribuneindia.com/news/business/sc-refuses-to-entertain-hdfc-bank-ceos-plea-challenging-fir-by-lilavati-trust/ |work=Tribune India |access-date=2026-02-24}}</ref> As of mid-2025, the case remained an ongoing legal matter.
 
== Personal Life ==


Sashidhar Jagdishan was born in Mumbai and has maintained his base in the city throughout his career.<ref name="ndtv" /> Publicly available information about his personal and family life is limited. He is known to have spent the entirety of his professional career at HDFC Bank, having joined the institution in 1996 and remaining with it for nearly three decades. His long association with a single institution is notable in an industry where executive mobility between banks and financial services firms is common.
HDFC Bank issued a public statement categorically denying the allegations, stating that Jagdishan was being "falsely targeted by unscrupulous individuals."<ref name="mint-response">{{cite news |date=2025-06-08 |title=HDFC Bank says CEO Sashidhar Jagdishan falsely targeted by 'unscrupulous' people, refutes Lilavati Trust allegations |url=https://www.livemint.com/companies/hdfc-bank-says-ceo-sashidhar-jagdishan-falsely-targeted-by-unscrupulous-people-refutes-lilavati-trust-allegations-11749363119228.html |work=Mint |access-date=2026-02-24}}</ref> The bank emphasized that the loan in question predated Jagdishan's association with the institution and that the allegations were without merit.<ref name="mint-response" />


Jagdishan has been referred to in Indian media by the informal name "Sashi," particularly in the context of profiles and magazine features about his leadership of the bank.<ref name="bt-merger" />
Jagdishan subsequently filed a plea before the [[Supreme Court of India]] seeking to challenge the FIR. On July 4, 2025, the Supreme Court refused to entertain his plea, declining to quash the FIR registered against him in connection with the Lilavati Trust matter.<ref name="tribune">{{cite news |date=2025-07-04 |title=SC refuses to entertain HDFC Bank CEO's plea challenging FIR by Lilavati Trust |url=https://www.tribuneindia.com/news/business/sc-refuses-to-entertain-hdfc-bank-ceos-plea-challenging-fir-by-lilavati-trust/ |work=Tribune India |access-date=2026-02-24}}</ref> The case remained a subject of legal proceedings as of mid-2025. The matter drew significant media attention given Jagdishan's position as the head of one of India's most prominent financial institutions, though the bank maintained that the allegations were part of a broader dispute involving the defaulting borrowers and did not reflect any wrongdoing on the part of its CEO.<ref name="ht" /><ref name="mint-response" />


== Recognition ==
== Recognition ==


Jagdishan's leadership of HDFC Bank has received recognition in regional and international banking forums. The Asian Banker, a prominent financial services research and benchmarking organization, recognized his strategic leadership at HDFC Bank, particularly in the context of the Asia Pacific banking landscape.<ref name="asianbanker" />
Sashidhar Jagdishan's leadership at HDFC Bank has been the subject of recognition by industry organizations. The Asian Banker, an international financial services research and benchmarking organization, recognized Jagdishan's strategic leadership at HDFC Bank in the Asia-Pacific region.<ref name="asianbanker">{{cite web |title=Sashidhar Jagdishan's strategic leadership at HDFC Bank recognised in Asia Pacific |url=https://www.theasianbanker.com/updates-and-articles/sashidhar-jagdishans-strategic-leadership-at-hdfc-bank-recognised-in-asia-pacific |publisher=The Asian Banker |access-date=2026-02-24}}</ref> The recognition cited the bank's performance and the execution of its strategic initiatives, including the HDFC Ltd merger, under Jagdishan's tenure as CEO.<ref name="asianbanker" />


In FY25, ''The Economic Times'' reported that Jagdishan was the highest-paid banker in India, with total compensation exceeding ₹12 crore. The report placed his earnings above those of other leading Indian bank executives, including Amitabh Chaudhry of Axis Bank and other prominent figures in the Indian banking sector.<ref name="et-pay" />
His designation as India's highest-paid banker for FY25 was also noted across major financial media outlets, reflecting both the market's assessment of his role and the bank's board's confidence in his leadership during a period of transformative change for the institution.<ref name="et-pay" />


His meeting with Apple CEO Tim Cook in 2023, reported by the ''Financial Express'', drew attention to his role in positioning HDFC Bank at the intersection of banking and technology, and reflected the institution's prominence in the Indian financial landscape.<ref name="fe-apple" />
Jagdishan's career trajectory—from a manager in the finance division to the CEO of what became India's largest private sector bank by several measures—has been profiled by multiple Indian business media organizations. His long association with a single institution, spanning nearly three decades, has been noted as relatively uncommon among top banking executives in India, many of whom have moved between institutions over the course of their careers.<ref name="cnbctv18-profile" /><ref name="fe">{{cite web |title=Meet Shashidhar Jagdishan, the CEO of HDFC Bank |url=https://www.financialexpress.com/life/lifestyle-meet-shashidhar-jagdishan-the-ceo-of-hdfc-bank-who-met-tim-cook-and-is-about-to-launch-apple-card-in-india-know-about-his-journey-net-worth-3178317/ |publisher=Financial Express |access-date=2026-02-24}}</ref>


== Legacy ==
== Legacy ==


As of mid-2025, Sashidhar Jagdishan's legacy remains a subject of ongoing development, given his continued tenure as the head of HDFC Bank. His most significant accomplishment to date as CEO has been the execution of the merger between HDFC Ltd and HDFC Bank, a transaction that fundamentally reshaped the structure of one of India's largest financial institutions and created a combined entity with an expanded balance sheet and diversified product portfolio.<ref name="bt-merger" />
As of mid-2025, Sashidhar Jagdishan's legacy at HDFC Bank continues to be shaped by ongoing developments, including the post-merger integration of HDFC Ltd and the resolution of the Lilavati Trust legal matter. His tenure as CEO has been defined primarily by two major undertakings: navigating the bank through the economic disruptions of the COVID-19 pandemic in his first years in office, and executing the merger with HDFC Ltd, which fundamentally altered the bank's scale and business profile.<ref name="bt-merger" /><ref name="ndtv" />


Jagdishan's career trajectory—from a manager in the finance division to the CEO of one of India's most valuable banks—represents a case of long-term institutional loyalty and internal career progression in the Indian banking sector. His rise through the ranks of a single institution over nearly three decades distinguishes his career path from that of many contemporary banking leaders who move between institutions.
The HDFC Ltd merger, in particular, represented one of the most complex integration exercises in Indian banking history. The combined entity's ability to achieve the operational efficiencies and growth targets outlined during the merger announcement period will be a significant factor in assessments of Jagdishan's leadership. The bank's deposit growth strategy, branch network expansion, and the integration of housing finance products into its retail banking offering are among the key metrics by which his strategic direction is being evaluated by analysts and investors.<ref name="bt-merger" />


The HDFC Ltd–HDFC Bank merger, completed under his leadership, is considered one of the largest corporate mergers in Indian history and has had significant implications for the Indian housing finance and banking sectors. The integration process and the strategic direction of the post-merger entity will remain central to assessments of Jagdishan's tenure.
Jagdishan's path from a mid-level manager in the finance division to the CEO of one of India's most prominent banks over a 24-year period within the same institution underscores a model of internal succession and deep institutional knowledge. His appointment represented the bank's board decision to prioritize continuity and institutional familiarity over external recruitment at a critical juncture in the bank's history.<ref name="cnbctv18-profile" /><ref name="ndtv" />


The Lilavati Trust legal proceedings, which emerged in 2025, represent an ongoing chapter in his career. HDFC Bank has stated that the allegations are baseless and that Jagdishan is being falsely targeted.<ref name="mint-response" /> The outcome of these proceedings may have implications for the bank's leadership continuity and public perception.
The legal proceedings related to the Lilavati Trust FIR, which were ongoing as of July 2025, introduced an element of uncertainty during his tenure, although HDFC Bank maintained that the allegations were meritless and that Jagdishan had been improperly targeted.<ref name="mint-response" /><ref name="tribune" />


== References ==
== References ==
<references />
<references />


[[Category:Business executives]]
[[Category:Finance]]
[[Category:1965 births]]
[[Category:1965 births]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:People from Mumbai]]
[[Category:University of Mumbai alumni]]
[[Category:Alumni of the University of Sheffield]]
[[Category:Indian bankers]]
[[Category:Indian bankers]]
[[Category:Business executives]]
[[Category:Finance]]
[[Category:HDFC Bank]]
[[Category:HDFC Bank]]
[[Category:University of Mumbai alumni]]
[[Category:Chief executive officers]]
[[Category:Alumni of the University of Sheffield]]
[[Category:People from Mumbai]]
[[Category:Indian chief executives]]
[[Category:Indian chief executives]]
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Latest revision as of 05:39, 24 February 2026



Sashidhar Jagdishan
BornTemplate:Birth year and age
BirthplaceMumbai, India
NationalityIndian
OccupationBanker
TitleManaging Director and Chief Executive Officer
EmployerHDFC Bank
Known forManaging Director and CEO of HDFC Bank

Sashidhar Jagdishan (born 1965) is an Indian banker who serves as the managing director and chief executive officer of HDFC Bank, one of India's largest private sector banks by market capitalization. A career HDFC Bank insider, Jagdishan joined the institution in 1996 as a manager in the finance division and rose through its ranks over more than two decades before being appointed to the top role in 2020, succeeding Aditya Puri, the bank's longest-serving chief executive.[1] His appointment was approved by the Reserve Bank of India (RBI), and he formally took charge of the bank's operations at a time when HDFC Bank was navigating the economic uncertainties brought about by the COVID-19 pandemic.[2] Under his leadership, HDFC Bank undertook the landmark merger with its parent entity, HDFC Ltd, one of the largest corporate mergers in Indian financial history. Jagdishan was recognized as India's highest-paid banker for the financial year 2024–25, with his total compensation exceeding ₹12 crore.[3] In mid-2025, Jagdishan became the subject of public attention after an FIR was registered against him in connection with allegations of financial fraud brought by the Mehta family relating to the Lilavati Trust, claims that HDFC Bank has categorically denied.[4]

Early Life

Sashidhar Jagdishan was born in 1965 in Mumbai, India.[1] He grew up in Mumbai, which would also become the city where he built his entire professional career. Details about his family background and upbringing have not been extensively documented in public sources. Mumbai's status as the financial capital of India provided the backdrop for Jagdishan's eventual entry into the banking industry, where he would spend the entirety of his professional life at a single institution.[5]

Education

Jagdishan completed his undergraduate education at the University of Mumbai, where he earned a Bachelor of Science (BSc) degree.[6] He subsequently pursued postgraduate studies in the United Kingdom, obtaining a Master of Science (MSc) degree from the University of Sheffield.[6] His academic background in the sciences, rather than in a traditional business or finance discipline, distinguished him from many of his contemporaries in the Indian banking sector. The combination of a domestic undergraduate foundation and an international postgraduate qualification equipped Jagdishan with a perspective that he later applied during his long tenure in HDFC Bank's finance and operations divisions.[5]

Career

Early Career at HDFC Bank (1996–2008)

Jagdishan joined HDFC Bank in 1996 as a manager in the finance division.[7] At the time, HDFC Bank was still a relatively young institution, having been incorporated in 1994 and commenced operations in early 1995 under the leadership of its founding CEO, Aditya Puri. Jagdishan's entry into the bank during this formative period placed him among a cadre of early employees who would help shape the institution's growth trajectory over the following decades. He rose through the ranks within the finance function, gaining extensive experience in the bank's financial planning, reporting, and regulatory compliance operations.[7][5]

Senior Leadership Roles (2008–2020)

Over the course of more than two decades at HDFC Bank, Jagdishan progressed through multiple senior management positions. He served as the bank's Chief Financial Officer (CFO), a role that gave him oversight of the institution's financial strategy, capital allocation, and regulatory submissions.[8] His responsibilities expanded over time to include oversight of the bank's human resources, legal and secretarial functions, and administration, making him one of the most broadly experienced members of the senior management team.[5]

Jagdishan's long tenure and cross-functional experience within the bank made him a strong internal candidate for the top position as Aditya Puri's retirement approached. Puri had led HDFC Bank for 26 years, transforming it from a small private sector bank into one of the most valuable financial institutions in India. The succession process attracted significant attention from investors, analysts, and the media, with several internal and external candidates being discussed as potential successors.[5]

Appointment as Managing Director and CEO (2020)

The Reserve Bank of India approved Sashidhar Jagdishan's appointment as the managing director and chief executive officer of HDFC Bank in 2020.[2] He succeeded Aditya Puri, who had served as the bank's CEO since its inception and was the longest-serving CEO in Indian banking history at the time of his retirement.[1] Jagdishan's appointment was viewed as a continuity choice, given his nearly quarter-century of service at the bank and his deep familiarity with its operations, culture, and strategic direction.[5]

Taking charge during a period marked by the economic disruptions of the COVID-19 pandemic, Jagdishan faced the immediate challenge of maintaining the bank's asset quality and operational stability amid a nationwide economic slowdown. The banking sector in India was navigating elevated levels of stress in loan portfolios, and regulatory scrutiny of digital operations had intensified following technology-related outages that affected several banks, including HDFC Bank.[8]

HDFC Ltd–HDFC Bank Merger

One of the most consequential developments during Jagdishan's tenure as CEO was the merger of HDFC Ltd, the bank's parent housing finance company, with HDFC Bank. The merger, first announced in April 2022, was one of the largest corporate transactions in Indian history and was completed in July 2023.[9] The merger brought HDFC Ltd's substantial mortgage lending portfolio onto HDFC Bank's balance sheet, significantly increasing the bank's total assets and loan book. It also brought about a structural shift in the bank's liability profile, as the merged entity needed to raise a larger volume of deposits to comply with banking sector regulatory requirements that did not apply to HDFC Ltd as a housing finance company.[9]

Under Jagdishan's stewardship, the bank undertook the complex integration of the two entities, which involved harmonizing technology platforms, operational processes, employee structures, and customer-facing products. The merger was expected to provide HDFC Bank with a strengthened presence in the housing loan segment and to yield cost synergies over time.[9] Jagdishan publicly outlined plans for the post-merger entity, focusing on deposit mobilization, branch expansion, and leveraging the combined entity's scale to drive growth across retail and corporate lending segments.[9]

Compensation

For the financial year 2024–25 (FY25), Sashidhar Jagdishan was recognized as India's highest-paid banker, with his total compensation exceeding ₹12 crore. This placed him ahead of other prominent banking executives in the country, including Amitabh Chaudhry of Axis Bank and other peers in the private banking sector.[3] His compensation reflected both the scale of HDFC Bank—the largest private sector bank in India by market capitalization—and the complexity of managing the post-merger integration of HDFC Ltd and HDFC Bank.[3]

Lilavati Trust Fraud Allegations (2025)

In June 2025, an FIR (First Information Report) was registered against Jagdishan and other individuals in connection with allegations of financial fraud brought by the Mehta family, which is associated with the Lilavati Trust in Mumbai.[4] The allegations were linked to a bank loan that had been provided to the Mehta family in 1995—a year before Jagdishan joined HDFC Bank—on which the family had subsequently defaulted.[4] The FIR included charges of cheating and fraud.[10]

HDFC Bank issued a public statement categorically denying the allegations, stating that Jagdishan was being "falsely targeted by unscrupulous individuals."[11] The bank emphasized that the loan in question predated Jagdishan's association with the institution and that the allegations were without merit.[11]

Jagdishan subsequently filed a plea before the Supreme Court of India seeking to challenge the FIR. On July 4, 2025, the Supreme Court refused to entertain his plea, declining to quash the FIR registered against him in connection with the Lilavati Trust matter.[12] The case remained a subject of legal proceedings as of mid-2025. The matter drew significant media attention given Jagdishan's position as the head of one of India's most prominent financial institutions, though the bank maintained that the allegations were part of a broader dispute involving the defaulting borrowers and did not reflect any wrongdoing on the part of its CEO.[4][11]

Recognition

Sashidhar Jagdishan's leadership at HDFC Bank has been the subject of recognition by industry organizations. The Asian Banker, an international financial services research and benchmarking organization, recognized Jagdishan's strategic leadership at HDFC Bank in the Asia-Pacific region.[13] The recognition cited the bank's performance and the execution of its strategic initiatives, including the HDFC Ltd merger, under Jagdishan's tenure as CEO.[13]

His designation as India's highest-paid banker for FY25 was also noted across major financial media outlets, reflecting both the market's assessment of his role and the bank's board's confidence in his leadership during a period of transformative change for the institution.[3]

Jagdishan's career trajectory—from a manager in the finance division to the CEO of what became India's largest private sector bank by several measures—has been profiled by multiple Indian business media organizations. His long association with a single institution, spanning nearly three decades, has been noted as relatively uncommon among top banking executives in India, many of whom have moved between institutions over the course of their careers.[5][14]

Legacy

As of mid-2025, Sashidhar Jagdishan's legacy at HDFC Bank continues to be shaped by ongoing developments, including the post-merger integration of HDFC Ltd and the resolution of the Lilavati Trust legal matter. His tenure as CEO has been defined primarily by two major undertakings: navigating the bank through the economic disruptions of the COVID-19 pandemic in his first years in office, and executing the merger with HDFC Ltd, which fundamentally altered the bank's scale and business profile.[9][1]

The HDFC Ltd merger, in particular, represented one of the most complex integration exercises in Indian banking history. The combined entity's ability to achieve the operational efficiencies and growth targets outlined during the merger announcement period will be a significant factor in assessments of Jagdishan's leadership. The bank's deposit growth strategy, branch network expansion, and the integration of housing finance products into its retail banking offering are among the key metrics by which his strategic direction is being evaluated by analysts and investors.[9]

Jagdishan's path from a mid-level manager in the finance division to the CEO of one of India's most prominent banks over a 24-year period within the same institution underscores a model of internal succession and deep institutional knowledge. His appointment represented the bank's board decision to prioritize continuity and institutional familiarity over external recruitment at a critical juncture in the bank's history.[5][1]

The legal proceedings related to the Lilavati Trust FIR, which were ongoing as of July 2025, introduced an element of uncertainty during his tenure, although HDFC Bank maintained that the allegations were meritless and that Jagdishan had been improperly targeted.[11][12]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Who Is Sashidhar Jagdishan? HDFC Bank CEO Facing Financial Fraud Allegations".NDTV.2025-06-09.https://www.ndtv.com/india-news/who-is-sashidhar-jagdishan-hdfc-bank-ceo-and-md-facing-financial-fraud-allegations-8622547.Retrieved 2026-02-24.
  2. ↑ 2.0 2.1 "Sashidhar Jagdishan appointed new CEO of HDFC Bank".Indian Television Dot Com.https://indiantelevision.com/mam/sashidhar-jagdishan-appointed-new-ceo-of-hdfc-bank/.Retrieved 2026-02-24.
  3. ↑ 3.0 3.1 3.2 3.3 "HDFC Bank chief Sashidhar Jagdishan is India's best-paid banker of FY25".The Economic Times.2025-07-17.https://m.economictimes.com/industry/banking/finance/banking/hdfc-bank-chief-sashidhar-jagdishan-is-indias-best-paid-banker-of-fy25/articleshow/122591687.cms.Retrieved 2026-02-24.
  4. ↑ 4.0 4.1 4.2 4.3 "Sashidhar Jagdishan, HDFC MD-CEO, booked for fraud | Who is he and what's the case?".Hindustan Times.2025-06-08.https://www.hindustantimes.com/india-news/sashidhar-jagdishan-hdfc-ceo-booked-for-fraud-lilavati-trust-who-is-sashidhar-jagdishan-101749396622338.html.Retrieved 2026-02-24.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 "Meet Sashidhar Jagdishan, the man set to take over from Aditya Puri as CEO of HDFC Bank".CNBCTV18.https://www.cnbctv18.com/finance/meet-sashidhar-jagdishan-the-man-set-to-take-over-from-aditya-puri-as-ceo-of-hdfc-bank-6538261.htm.Retrieved 2026-02-24.
  6. ↑ 6.0 6.1 "Meet Sashidhar Jagdishan, Mumbai University alumnus, CEO 8,90,000 crore HDFC Bank".DNA India.https://www.dnaindia.com/business/report-meet-sashidhar-jagdishan-mumbai-university-alumnus-ceo-890000-crore-hdfc-bank-salary-651-crore-kaizad-bharucha-3030521.Retrieved 2026-02-24.
  7. ↑ 7.0 7.1 "Who is Sashidhar Jagdishan? HDFC Bank CEO under financial fraud lens".MSN.2025-06.https://www.msn.com/en-in/news/other/who-is-sashidhar-jagdishan-hdfc-bank-ceo-under-financial-fraud-lens/ar-AA1GlFLU.Retrieved 2026-02-24.
  8. ↑ 8.0 8.1 "Sashidhar Jagdishan profile: CEO, MD HDFC Bank".CNBCTV18.https://www.cnbctv18.com/business/finance/sashidhar-jagdishan-profile-ceo-md-hdfc-bank-fraud-allegations-19617113.htm.Retrieved 2026-02-24.
  9. ↑ 9.0 9.1 9.2 9.3 9.4 9.5 "Behind Sashi Jagdishan's big plans for HDFC Bank".Business Today.2023-07-20.https://www.businesstoday.in/magazine/the-buzz/story/hdfc-ltd-hdfc-bank-merger-behind-sashi-jagdishans-big-plans-for-hdfc-bank-390643-2023-07-20.Retrieved 2026-02-24.
  10. ↑ "Who is Sashidhar Jagdishan? The top banking executive facing financial fraud allegations from Lilavati Trust".Mint.2025-06-09.https://www.livemint.com/companies/people/who-is-sashidhar-jagdishan-hdfc-bank-md-ceo-allege-financial-fraud-lilavati-trust-hospital-mehta-family-mumbai-rbi-news-11749439469159.html.Retrieved 2026-02-24.
  11. ↑ 11.0 11.1 11.2 11.3 "HDFC Bank says CEO Sashidhar Jagdishan falsely targeted by 'unscrupulous' people, refutes Lilavati Trust allegations".Mint.2025-06-08.https://www.livemint.com/companies/hdfc-bank-says-ceo-sashidhar-jagdishan-falsely-targeted-by-unscrupulous-people-refutes-lilavati-trust-allegations-11749363119228.html.Retrieved 2026-02-24.
  12. ↑ 12.0 12.1 "SC refuses to entertain HDFC Bank CEO's plea challenging FIR by Lilavati Trust".Tribune India.2025-07-04.https://www.tribuneindia.com/news/business/sc-refuses-to-entertain-hdfc-bank-ceos-plea-challenging-fir-by-lilavati-trust/.Retrieved 2026-02-24.
  13. ↑ 13.0 13.1 "Sashidhar Jagdishan's strategic leadership at HDFC Bank recognised in Asia Pacific".The Asian Banker.https://www.theasianbanker.com/updates-and-articles/sashidhar-jagdishans-strategic-leadership-at-hdfc-bank-recognised-in-asia-pacific.Retrieved 2026-02-24.
  14. ↑ "Meet Shashidhar Jagdishan, the CEO of HDFC Bank".Financial Express.https://www.financialexpress.com/life/lifestyle-meet-shashidhar-jagdishan-the-ceo-of-hdfc-bank-who-met-tim-cook-and-is-about-to-launch-apple-card-in-india-know-about-his-journey-net-worth-3178317/.Retrieved 2026-02-24.

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