The Reserve Bank of India has allowed HDFC Bank managing director and CEO Aditya Puri to remain at the helm of India’s largest private-sector bank for another two years.
The central bank, on 22 October, approved Puri’s re-appointment as MD and CEO from 1 November 2018 to 26 October 2020, when he turns 70, HDFC Bank said in a stock-exchange filing.
The bank’s shareholders had approved Puri’s appointment in 2015 for a period of five years subject to RBI approval.
The approval is in contrast to the RBI’s denial to extend the tenure of some other long-time CEOs of top private-sector banks. In September, the central bank asked YES Bank to find a successor to CEO Rana Kapoor by January 2019.
Shikha Sharma, managing director and CEO at Axis Bank, will leave the private-sector lender at the end of 2018 after her term was cut short.
Puri is the longest-serving chief of any bank in India; he has been at the top since 1994.
A chartered accountant by training and the son of an air force officer, Puri began his career with automaker Mahindra & Mahindra. He later joined Citibank and became its India head for wholesale business, before joining HDFC Bank.