Mumbai, Aug. 31 -- The bank's board has begun the process of finding his successor. Jagdishan, 61, joined HDFC Bank nearly three decades ago and became MD and CEO in October 2020, succeeding Aditya Puri. He was reappointed for a three-year term in 2023. His current term ends on 26 October 2026.

The leadership transition follows a period of increased scrutiny at the lender. Former part-time chairman Atanu Chakraborty resigned in March, citing concerns over certain practices at the bank. A subsequent legal review commissioned by HDFC Bank found no basis for the allegations.

In July, the bank's board imposed a Rs 1 lakh penalty and issued warning letters to Jagdishan and two other senior executives following an internal review into arrange...