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HDFC Bank Deputy MD Paresh Sukthankar resigns

PTI Last Updated at 10 Aug 2018, 20:08 IST India

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New Delhi, Aug 10 (PTI) Paresh Sukthankar today resigned as Deputy Managing Director of HDFC Bank, the bank said without citing any reason.

Sukthankar has been with HDFC Bank since its inception in 1994 and at present is responsible for overseeing the bank's credit, finance and human resources functions.

"We hereby inform you that Paresh Sukthankar has tendered his resignation as Deputy Managing Director of the bank, to be effective 90 days from the close of business hours of today," HDFC Bank said in a regulatory filing.

His resignation comes almost nine months ahead of HDFC Bank initiating talent search for replacement for its Managing Director Aditya Puri.

The country's second largest private sector bank said its board of directors places on record its appreciation for the contribution made by Sukthankar in his long association with the bank.

He was appointed to the post of deputy managing director of HDFC Bank in March 2017.

With his resignation, speculations are rife that he may join rival banks at the top level.

Axis Bank has already initiated the process for seeking replacement for Axis Bank CEO Shikha Sharma. The managing director of ICICI Bank is already on leave pending independent enquiry to probe alleged cases of impropriety.

Prior to joining HDFC Bank, Sukthankar worked in Citibank for around nine years, in various departments including corporate banking, risk management, financial control and credit administration.

He has been a member of various Committees formed by Reserve Bank of India and Indian Banks' Association.

He has done his Masters in Management Studies (MMS) from Jamnalal Bajaj Institute (Mumbai) and the Advanced Management Program (AMP) from the Harvard Business School.

Shares of the bank closed 0.17 per cent down at Rs 2,115 on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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