“We had no indication that this was coming… my surprise was akin to what other board members experienced,” Jagdishan said, adding that when the board sought clarity, “he said he had none.” The CEO acknowledged that certain lines in the resignation letter had “caused a little bit of a stir among stakeholders,” despite efforts to have them reconsidered.
‘No friction, differences are natural’
Addressing speculation of internal discord, Jagdishan firmly denied any rift. “There was no friction between me and Atanu… our relationship has always been very cordial,” he said, while noting that differences in views are part of institutional functioning. “We are a democratic institution… there will be differing views. I have a different thought process, have agreed to disagree on occasions.”
On the HDB Financial Services divestment and IPO, which has been flagged in market discussions, he said it would be “very unfair” to link it to the resignation. “The process that was followed was professional, extremely tight… a board-appointed panel looked into it and it was a very well-conducted exercise,” he added.
‘Foundation intact, focus on next steps’
Jagdishan stressed that the bank’s core remains strong despite the developments. “The foundation of the bank is intact… no one can say there’s zero issues when running such a large bank,” he said, adding that regulatory backing provides further comfort.Also Read: “No material concerns flagged,” says Keki Mistry after HDFC Bank chairman exit; named interim chief
He admitted there is no clear visibility on the trigger behind the resignation. “I would be extremely happy if someone can tell us why he resigned suddenly… I am not privy to any specific instance,” he said.
On the way forward, the CEO said the bank will step up engagement with investors and review decisions that may not have had full alignment. He also pointed to a broader internal review, including potential restructuring, to keep the leadership team “energised and enhanced.”
With his term running until October, Jagdishan said he is open to being considered for a future leadership role. “The board knows my willingness to participate,” he said, even as the nomination and remuneration committee-led process for succession is set to begin.
Reiterating confidence in the institution’s resilience, he added that the bank has navigated challenges in the past and will do so again, aiming to “convert this event into an opportunity.”
Also Read: The inside story of the conflict at HDFC Bank—and what comes next
HDFC Bank share ended 5.32% in the red today (March 19) at ₹798.20.
