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 Ltd
Known for	Founder-CEO and longest-serving managing director of HDFC Bank
Children	2
Awards	Lifetime Achievement Award (CNBC TV18), AIMA JRD Tata Corporate Leadership Award, Barron's Top 30 Global CEOs

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 ranked among the top financial institutions in India, topping the Forbes list of best Indian banks and earning a place on multiple global rankings. India Today ranked Puri at number 24 on its list of India's 50 Most Powerful People of 2017, and N. R. Narayana Murthy, co-founder of Infosys, described him as "India's finest entrepreneur post-Independence" during a 2025 fireside chat at the Indian Institute of Management Bangalore. Following his retirement from HDFC Bank, Puri has taken on advisory and directorial roles with The Carlyle Group, the Strides Group, and ISGEC Heavy Engineering Limited.

Early Life

Aditya Puri was born in Gurdaspur, a city in the Indian state of Punjab. Details about his early family life remain limited in public records, though his daughter, actress Amrita Puri, has spoken publicly about inheriting her father's headstrong temperament. In an interview with The Times of India, Amrita Puri stated, "I survived because I am headstrong like my father," providing a glimpse into the household culture in which Puri raised his family.

Before founding HDFC Bank, Puri built a career in international banking. He worked at Citibank for 20 years, rising through the ranks to hold senior positions in the bank's operations across multiple countries. His experience at Citibank, one of the world's largest financial institutions, provided him with a deep understanding of retail banking, risk management, and technology-driven financial services — competencies that would later define his approach to building HDFC Bank. His two decades in international banking gave him exposure to global best practices and helped shape the customer-focused philosophy that became central to HDFC Bank's operations.

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 license from the Reserve Bank of India. HDFC Bank was among the first private sector banks to be established in India following the liberalisation of the banking sector in the early 1990s. The bank was promoted by the Housing Development Finance Corporation (HDFC), one of India's leading housing finance companies.

From the outset, Puri adopted what he later described as a "keep it simple" philosophy. In a 2020 interview with McKinsey & Company, Puri reflected on the bank's founding period and explained that his approach centred on customer-focused innovation and disciplined risk management. Rather than pursuing aggressive growth through complex financial products, Puri focused on building robust systems, investing in technology, and developing a strong organisational culture that prioritised accountability.

A significant milestone in the bank's early growth came with the amalgamation of Times Bank with HDFC Bank. Times Bank, promoted by the Bennett, Coleman & Co. Ltd. (Times Group), was merged into HDFC Bank, expanding the latter's branch network, customer base, and geographic footprint. This merger was one of the first such consolidations in the Indian private banking sector and set the stage for HDFC Bank's emergence as a major player in Indian finance.

Growth and Market Leadership (2000–2015)

Under Puri's stewardship, HDFC Bank grew steadily through the 2000s and into the 2010s, becoming India's largest private sector bank by market capitalisation. The bank's growth was underpinned by a consistent focus on technology adoption, retail banking expansion, and maintaining asset quality that was notably superior to many of its peers.

Forbes consistently ranked HDFC Bank among the top companies globally. In its assessment of Indian banks, Forbes placed HDFC Bank at the top of its list of the best Indian banks, while State Bank of India, the country's largest public sector bank, did not feature in the top ten. Forbes also maintained a dedicated profile of HDFC Bank among its global companies coverage.

By 2015, HDFC Bank's market capitalisation had made it India's most valuable bank. A Forbes analysis noted that Puri had "created India's most valuable bank" over his two-decade tenure. This achievement was attributable in large part to the bank's consistently high profitability, low non-performing asset ratios, and diversified revenue streams spanning retail banking, wholesale banking, and treasury operations.

Leadership Philosophy and Management Style

Puri's leadership style has been the subject of extensive commentary and analysis. In interviews with McKinsey & Company, he described his approach as being a "first among equals," emphasising a collaborative leadership model in which he set strategic direction while empowering his team to execute.

His management philosophy placed significant emphasis on simplicity and focus. In the December 2020 McKinsey interview, published shortly after his retirement, Puri reflected on HDFC Bank's path to market leadership, stating that customer-focused innovation and disciplined risk management were the two pillars of the bank's strategy throughout his tenure. He was known for maintaining a flat organisational hierarchy relative to the bank's size, encouraging direct communication across levels, and holding his management team to rigorous performance standards.

An anecdote recounted by industrialist Anand Mahindra at the Financial Express Best Banks Awards illustrated Puri's hands-on leadership style. Mahindra recalled that Puri once asked a young manager, "Bata, laddoo kidhar hai?" (a colloquial Hindi phrase meaning "Tell me, where are the sweets?" — referring to results and good news), highlighting Puri's direct, results-oriented communication style.

During a 2025 fireside chat at IIM Bangalore with N. R. Narayana Murthy, titled "The Art of Building Legendary Companies," Puri discussed how values and strong organisational culture help in creating and shaping enduring organisations.

Compensation and Industry Standing

Throughout much of his tenure, Puri was the highest-paid chief executive among Indian bank heads. The Economic Times reported that Puri remained the top-paid bank CEO in India, a position he held consistently over many years. His compensation reflected both the scale of HDFC Bank's operations and the returns the bank delivered to shareholders during his leadership.

Puri also featured on Fortune magazine's list of top businessmen, becoming the only Indian on the list in one edition. The Hindustan Times reported on this distinction, noting his unique position among global business leaders. In 2018, Barron's included Puri in its list of the top 30 global CEOs, further underscoring his standing in international financial circles.

Succession and Retirement (2016–2020)

As Puri approached the end of his maximum permissible tenure under Reserve Bank of India regulations, the question of succession at HDFC Bank attracted significant attention from investors, analysts, and the Indian financial media. In 2016, Puri publicly addressed these concerns, stating that a succession plan for HDFC Bank was in place.

Puri retired as managing director in October 2020 after completing 26 years at the helm. He was succeeded by Sashidhar Jagdishan, who had been with HDFC Bank since 1996 and had served as the bank's chief financial officer. Mint reported on Jagdishan's appointment, noting that the new CEO was taking charge of an institution that Puri had built into one of India's most trusted financial brands. NDTV also noted that Jagdishan succeeded "the bank's longest-serving CEO, Aditya Puri."

Post-Retirement Roles (2021–present)

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

In May 2026, Puri was appointed as managing director of ISGEC Heavy Engineering Limited, an Indian engineering and manufacturing conglomerate, taking on a new executive leadership role outside the banking sector.

Puri's influence extended beyond his formal roles. Raamdeo Agrawal of Motilal Oswal Financial Services noted that Puri's endorsement carried significant weight in the investment community. Agrawal recounted how the fact that Puri had invested in AU Small Finance Bank served as a credibility signal, stating, "If Aditya Puri has given you ₹200 cr, we'll definitely give you ₹20 cr."

Personal Life

Aditya Puri has two children: Amrita Puri and Amit Puri. His daughter, Amrita Puri, is an actress who has appeared in Indian films. In a 2013 interview with The Times of India, Amrita spoke about her father's influence on her personality, stating, "I survived because I am headstrong like my father."

Puri was born in Gurdaspur in Punjab and holds Indian citizenship. He has maintained a relatively private personal life throughout his career, with public attention focused primarily on his professional activities and leadership of HDFC Bank. Following his retirement, Puri has continued to be active in India's business and intellectual community, participating in events such as the fireside chat at IIM Bangalore alongside Narayana Murthy in 2025, where the two discussed the principles of building enduring organisations.

Recognition

Aditya Puri has received numerous awards and honours over the course of his career, reflecting his standing in Indian and global business.

HDFC Bank conferred upon Puri a Lifetime Achievement Award, recognising his contribution to building the institution over more than two decades. He also received the JRD Tata Corporate Leadership Award from the All India Management Association (AIMA), one of the most prestigious leadership awards in Indian corporate life.

In the international arena, Barron's included Puri in its list of the top 30 global CEOs in 2018, placing him alongside chief executives of some of the world's largest corporations. He was the only Indian on Fortune's list of top businessmen in one edition. The Economic Times and Fortune also recognised Puri in their respective rankings of business leaders.

In 2008, Puri was named CNN-IBN Indian of the Year in recognition of his contributions to Indian business and banking.

The American India Foundation honoured Puri alongside Michael Dell, CEO of Dell Technologies, recognising his contributions to business and philanthropy.

HDFC Bank itself accumulated a wide array of institutional awards during Puri's tenure, details of which are documented on the bank's official awards page.

Legacy

Aditya Puri's 26-year tenure at HDFC Bank is one of the longest and most consequential leadership periods in Indian corporate history. He took charge of a newly licensed private bank in 1994, at a time when Indian banking was dominated by large public sector institutions, and built it into the country's largest private sector bank by market capitalisation and one of the most valuable banking franchises globally.

His emphasis on technology adoption in banking was instrumental in positioning HDFC Bank as a leader in digital financial services in India. From the early deployment of core banking systems to the later development of mobile and internet banking platforms, Puri consistently pushed for technology-led innovation while maintaining conservative risk management practices. This dual emphasis — on innovation and prudence — became a defining characteristic of the bank's operating model.

The recognition of Puri by N. R. Narayana Murthy as "India's finest entrepreneur post-Independence" during their joint appearance at IIM Bangalore in 2025 reflected the esteem in which he is held within India's business establishment. Murthy drew a contrast between the paths taken by different business leaders, highlighting Puri's approach as exemplary in terms of values, governance, and institution-building.

Puri's influence extends to the broader Indian banking ecosystem. His demonstrated success with HDFC Bank provided a template for private sector banking in India, showing that a private institution could compete with and ultimately surpass established public sector banks through superior customer service, technology adoption, and disciplined management. The investment community's regard for Puri's judgment, as illustrated by Raamdeo Agrawal's anecdote about AU Small Finance Bank, underscores the lasting credibility he carries in Indian finance even after retirement.