Even as the economy reels under a growth slowdown, upcoming Diwali is expected to be good for HDFC Bank and its partners, Aditya Puri, MD, HDFC Bank.
Even as the economy reels under a slowdown, upcoming Diwali is expected to be very good for HDFC Bank and its partners, Aditya Puri, MD, HDFC Bank told CNBC TV18. Enough money is being pushed into the system and good monsoon would help the economy going forward, the veteran banker added. Even as the markets are seeing stress, there are no concerns with respect to portfolio of HDFC Bank, Aditya Puri also said. Adding, he said that India is expected to be the best financial market in the world in the next five years. On NBFC crisis, he said that the creditworthy companies are getting money and there are no systemic issues. However, Aditya Puri also said that there is a need to work upon the current slowdown.
On RBI’s recent move mandating banks to benchmark interest rates with the external benchmarks, Aditya Puri said that the central bank has not mentioned as how banks would fix the rates. The banks are offering benchmark interest rates to higher end customers, he said, adding the trajectory of lending rates is clearly down and the bank has plans to reduce deposit rates further.
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Meanwhile, the largest private sector lender has decided to begin a global search to find a successor to the founding-chief executive Aditya Puri, who retires in October 2020. Aditya Puri, the managing director and chief executive since 1994 when the bank was set up, has seen a whopping 41 percent increase in total remuneration in FY19 to Rs 13.67 crore. “The nomination and remuneration committee of the board will constitute a search committee to undertake a global search of both internal and external candidates,” the bank said in FY19 annual report. Puri turns 70 next year.