Sashidhar Jagdishan Reacts To Chairman Exit | HDFC Bank Exclusive | Business News | ET Now

Thank you. Can you hear me?

Very honestly, I wish I knew 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 it is apart from the surprise that we all are going through at this juncture.

No, frankly, you know, as we collectively as members, we did sort of request him to share if there are any concerns. But I think he was very clear that he did not have any concerns to share. So that's part one. And part two is, 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, and the insertion of the three lines, probably there is a little bit of a dichotomy, but that's something that 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 of the fact that the principles and the foundation with which this institution has built itself 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 and omissions in compliance to these designs of products and services, 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 have been able to provide that kind of a comfort to us. We are extremely confident about our mechanisms of 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 consultative thought process that we have, both the management and the board, in terms of dealing with issues in a very timely manner to resolve them. So the economic form of the institution at the top is right here. We have great governance. We are not here to hide any issues that will surface in future.