New Delhi, Aug. 30 -- HDFC Bank CEO Sashidhar Jagdishan's surprise decision to step down from the position the lender informed on 29 August, stating that it has fast-tracked the process to find his successor.

According to the HDFC Bank filing, "despite persuasion" 61-year-old Jagdishan has decided not to seek reappointment when his term ends on 26 October this year. The board thanked his "commitment, leadership, contribution to growth, stability of the bank and role in successful completion of one of the largest mergers in corporate India".

Jagdishan joined HDFC Bank in 1996 as a manager in the finance division and has worked his way to CEO position over a period of 30 years.

Notably, the bank's first jolt came in March, with the resig...