Dhanalakshmi Bank hires despite tough times | india | Hindustan Times
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Dhanalakshmi Bank hires despite tough times

india Updated: Feb 03, 2009 20:55 IST
Rajendra Palande

Amitabh Chaturvedi, the new managing director and CEO of Dhanalakshmi Bank, is putting the Kerala-based bank onto a higher growth plane. After joining the bank in October 2008, the 40-year-old CEO has drawn up an ambitious expansion plan and given an average of 35 per cent hike in salaries to motivate the nearly 1,400-strong workforce, while the entire private sector is talking of cutting costs.

The increase in the salary levels has helped Dhanalakshmi Bank hire senior professionals from other banks by offering attractive salaries. It has taken on board Bipin Kabra, who has nearly 16 years of experience in the State Bank of India (SBI), ICICI Bank and Reliance Capital, as the chief financial officer.

The bank plans to transform itself from being a financial services provider concentrated in one southern state to a pan India entity. Chaturvedi said the bank plans to expand its capital base manifold by raising a total of Rs 3,000 crore of fresh tier 1 and tier 2 capital over the next 3-5 years.

Also, all the 60 new branches it plans to open in the next few months to add to its existing 190 branches would be in the western and northern regions as part of the plan to spread geographically.

Apart from hiring Kabra as the CFO, Dhanalakshmi Bank has succeeded in attracting a lot of senior banking professionals.

Among them is Anand Kumar Gupta, who has joined as head of alternate channels to drive ATM deployment and internet and mobile banking businesses, after serving as chief manager at ICICI Bank handling ATMs and internet banking for seven years.

Manish Saraf has joined as general manager (corporate finance) and treasurer from Siemens, and after gaining experience at Citibank, Infosys, Deutsche Bank and Standard Chartered Bank for over 17 years.

Chaturvedi said Dhanalakshmi Bank will deploy a large ATM network to earn the fee income arising from the use of the ATMs by customers of other banks.

Use of ATMs of other banks would be free from April 2009 for customers, but the respective banks will have to pay a fee of Rs 13 per cash transaction on behalf of the customers.