The decision puts an end to speculation about whether Jagdishan would seek an extension. The report says he has conveyed his position to the board, making the search for the bank’s next chief executive the next step.

HDFC Bank will speed up the process of choosing his successor. However, the report does not name a replacement or identify any candidates being considered. It also does not give a date by which the selection is expected to be completed.

October is the stated departure month, but an exact exit date has not been provided. The report does not explain why Jagdishan has decided against seeking reappointment or describe how responsibilities will be handed over to the next CEO.

For now, the confirmed development is a leadership change ahead, rather than an announcement of who will take charge. Details about the successor and the transition arrangements remain unstated in the supplied report.