Former economic affairs secretary Atanu Chakraborty is set to be appointed as the next chairperson of India’s largest private sector lender HDFC Bank, said one person aware of the matter. The appointment, however, is subject to the Reserve Bank of India’s approval.
The board of HDFC Bank cleared Chakraborty’s name for the position of part-time chairperson of the bank in its meeting held on Monday. The incumbent chairperson of the board, Shyamala Gopinath, is set to retire on 1 January.
“We wish to inform you that pursuant to the recommendations of the nomination and remuneration committee, the board of directors of HDFC Bank Ltd at its meeting held today, has recommended the appointment of the part-time chairperson of the bank and has submitted its recommendation to the Reserve Bank of India for approval under Section 35B of the Banking Regulation Act, 1949. Further disclosure in this regard will be made after receipt of communication from the Reserve Bank of India,” HDFC Bank said in a notice to the stock exchanges last evening.
The appointment assumes significance as the private lender had recently undergone a leadership change, with its long time managing director and chief executive officer, Aditya Puri, retiring in October, and Sashidhar Jagdishan taking over.
{{/usCountry}}The appointment assumes significance as the private lender had recently undergone a leadership change, with its long time managing director and chief executive officer, Aditya Puri, retiring in October, and Sashidhar Jagdishan taking over.
{{/usCountry}}Chakraborty is a seasoned bureaucrat and last served as the economic affairs secretary until his superannuation on 30 April.
Chakraborty held several important positions, including that of the secretary in the ministry of finance, both in the department of economic affairs, as well as divestment.
Chakraborty was the secretary of the department of investment and public asset management (DIPAM) from 2018 to 2019 and the economic affairs secretary from 2019 to April 2020. He had earlier held the position of the Director General of Hydrocarbons (DGH) in the petroleum ministry.