NEW DELHI: The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next the chief executive officer of HDFC Bank.

"The Reserve Bank of India (RBI) vide its communication dated 3 August 2020, has approved the appointment of Sashidhar  Jagdishan as managing director & CEO of the Bank  for a period of three years wef his date of  taking charge, i.e., 27 October 2020, under Section 35B of  the Banking Regulation Act 1949," HDFC said in a statement.

Jagdishan will replace Aditya Puri, current managing director and CEO of HDFC Bank, who is set to retire on 26 October. "A meeting of the board of directors of the bank will be convened in due course inter-alia to approve the appointment of Jagdishan as the MD & CEO," the bank said. 

Puri's successor Jagdishan was among the top two internal candidates for the top job at HDFC Bank. Kaizad Barucha, who has the highest board experience, was the senior-most candidate in the fray.

He is currently serving as the additional director of HDFC Bank and has been with the bank for nearly three decades. He served as the group head of finance, human resources, legal & secretarial, administration, infrastructure, corporate communications and corporate social responsibility.

Jagdishan was the bank's top choice among the three shortlisted candidates, with Kaizad Bharucha and Sunil Garg also in the running.