HDFC Bank CEO Sashidhar Jagdishan Reacts To Chairman’s Sudden Exit | Exclusive | Business News

Thank you. Can you hear me?

Such very honestly, I wish I would not know that and I speak on behalf of the board because this is exactly the question that we're grappling with as to what has triggered this. Obviously from our interactions it appears that he wanted to call it a day. It did come as a kind of a very big surprise to all of us on the board. I don't have anything else to suggest what a tragedy is apart from the surprise that we all are going through at this juncture.

Well, frankly, as we collectively as members, we did sort of requested him to share it if there are any concerns. But I think he was very clear that he did not have any concerns to share with. So that's part one. Part two is I probably for the first time I saw some headlines that have come during the course of the day from his interviews and it clearly states that there is no wrongdoing in the bank or his resignation is not an extraordinary thing. So obviously when you add what he has said today in the press and what he has said back, those are ones, but I do agree that the statement of what he said today, the state board and the insertion of the three lines probably there is a little bit of a dichotomy. But that's something that we are is the crux of the matter for today. But I think his clarification this morning, the kind of strong statement that is being made by the regulator is a testimony for the fact that the principles and the foundation with which this institution has lived, has felt as a brand for over 47 years and as a bank over the last 32 years, continues to be reasonably strong and resilient. We are a large bank. We have a design. Sometimes there will be errors of omissions in compliance to these designs of products and services. Sometimes it could be, and most of these observations and issues are addressed in a very time bound manner and all this is something that is also overseen and supervised by the regulator as well, which is probably one of the reasons why they've been able to provide that kind of a comfort to us. We are extremely confident about our mechanisms and checks and balances. If there are any other issues which need to be addressed which would come out in various forms, we're happy to address it and that is the kind of positive thought process that we have, both the management and at the board, in terms of dealing with issues in a very timely manner to resolve them. So the economy of the institution at the top is very clear. We have a great governance contract. We are not here to hide any issues that will form future.

I think you further clarified in one of your statements that it's more ideological and nothing that's the way I feel that it's not nothing to do with any wrongdoing. So I think don't read too much into it is what I would say if you were to add all the statements that have come about in his resignation, in his clarification to various media houses today. I think when you put stitch all this together, I think it is something that one need not worry about and even if there is something which surfaces back, as I've said, the tonality of the organization is very clear, we will address them in the way we have addressed many such issues over these 32 years of existence of the bank.