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HDFC Bank’s CEO Sashidhar Jagdishan says the lender is not apologetic about the merger despite challenges.
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The bank is undergoing an adjustment phase due to changes in the economic environment and consumer preferences.
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Jagdishan is confident in the long-term benefits of the merger and is taking steps to boost deposit growth.
HDFC Bank’s CEO Sashidhar Jagdishan has expressed confidence in the merger with HDFC, despite the challenges that have emerged. The bank is undergoing an adjustment phase due to changes in the economic environment, including rising interest rates, and shifts in consumer preferences. Jagdishan acknowledged that the situation is different from what was anticipated at the time of the merger announcement but is confident in the long-term benefits.
The bank is taking steps to boost deposit growth, including expanding its branch network, to support its expanded asset base from the merger. Jagdishan emphasized the importance of deposit growth surpassing credit growth and noted that the bank’s credit deposit ratio needs to be brought down. Despite the immediate challenges, Jagdishan reassured shareholders that the merger will drive future growth.
