RBI puts key additions to HDFC Bank board on hold till new CEO takes over

By: |
Published: April 10, 2020 1:00:00 AM

In the meantime, Jagdishan and Zaveri will continue as additional directors on the board “till the ensuing annual general meeting”, the bank added.

HDFC Bank said it will comply with the central bank’s instructions.HDFC Bank said it will comply with the central bank’s instructions.

The Reserve Bank of India (RBI) has put on hold the appointment of two key members on the board of HDFC Bank until a new CEO takes charge later this year.

In November 2019, the bank’s board had selected Shashidhar Jagdishan as an additional director and Bhavesh Zaveri as a whole-time director, pending the central bank’s approval.

HDFC Bank said it will comply with the central bank’s instructions. “We are now in receipt of a communication dated April 7, 2020, from Reserve Bank of India stating that since these are important positions in the Bank, the Bank is advised to examine and submit the proposal after a new managing director and CEO assumes charge later this year,” the bank said.

In the meantime, Jagdishan and Zaveri will continue as additional directors on the board “till the ensuing annual general meeting”, the bank added.

The tenure of Aditya Puri, the CEO and managing director of the bank, ends in October. The bank’s management had earlier said it expects to have a shortlist of candidates for the new CEO by August. “July-August, that’s the time that we see we would have finalised the shortlist for RBI’s approval. I think we are on track,” Jagdishan told analysts on a conference call earlier this year.

Jagdishan joined the bank in 1996 and became the business head for finance in 1999. He was appointed the chief financial officer in 2008.

Zaveri joined HDFC Bank in 1998 and became a wholesale banking head in 2000. He was made group head of operations in 2009. He assumed additional responsibilities of the information technology function in 2015.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Covid impact: Private banks set aside over 75% of operating profit as provisions in Q4
2Banks continue to lend less even as deposit growth improves, credit growth now at  mere 6.5%
3Bank of Maharashtra sanctions Rs 2,789 cr loans over 3 months to MSMEs, others