Jagdishan has informed the board of his decision, according to the Economic Times report. Board members tried to persuade him to reconsider, but he chose not to pursue reappointment. The report does not explain the reason behind his decision.

The development puts leadership succession in focus at HDFC Bank. With Jagdishan opting out of another term, the bank will move faster on selecting a successor. The report does not name a replacement or give a date for when that choice will be announced.

Known as Sashi, Jagdishan rose from a finance manager role to lead the bank. His time as chief executive included overseeing the merger involving HDFC Bank and HDFC Ltd, a significant development during his tenure.

October is the stated end point for his current term, although the supplied report does not specify the year. It also provides no details about a handover plan. For now, the confirmed development is his decision against reappointment and the bank's move to accelerate succession.