Left Menu
Development News Edition

RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

PTI | New Delhi | Updated: 08-04-2020 21:52 IST | Created: 08-04-2020 21:52 IST
RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

Private lender HDFC Bank on Wednesday said the RBI has asked it to examine and submit the proposal regarding two crucial appointments only after a new CEO assumes charge later this year. On November 28, 2019, the Mumbai-headquartered lender had informed the stock exchanges about appointment of Sashidhar Jagdishan and Bhavesh Zaveri by the Board of Directors each as Additional Director and Executive Director (Whole-Time Director) of the bank, subject to the approval of the Reserve Bank of India and the shareholders.

"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 MD and CEO assumes charge later this year," HDFC Bank said in a regulatory filing. The bank will accordingly ensure compliance with Reserve Bank's instruction, it added.

Sashidhar Jagdishan and Bhavesh Zaveri shall continue as additional directors on the board of the bank till the ensuing Annual General Meeting, in terms of the relevant provisions of Companies Act, 2013, it added. Bank's long-time MD and CEO Aditya Puri is set to retire in October this year as he would turn 70, in accordance with the RBI guidelines on age limit.

The lender had in November informed about launching a global hunt to find a successor to the founding-chief executive. HDFC Bank scrip closed at Rs 888.95 apiece on the BSE, down 0.83 per cent from previous close.


TRENDING

OPINION / BLOG / INTERVIEW

Socio-economic Impact of Covid-19 on Women

Today, women and girls are facing a double whammy - their sources of income have dried up but the workload has increased. There is a great need for gender-sensitive policies to recover from the pandemic. ...

Tracking Cybersecurity: Laying the groundwork for tougher regulations post-COVID 19

The changes indicate that the tech industry is moving towards a paradigm shift over how it operates and, more importantly, how it is regulated....

Tax dodging in rich and poor countries alike, wealthy taxpayers often outwit the taxman

... ...

COVID-19 threatens to widen the digital gender divide

In a world that, all of sudden, has turned virtual, it has become absolutely essential to providing equal digital access and opportunities to the unconnected population, primarily dominated by women. ...

Videos

Latest News

Barcelona's Suárez back from surgery in time for opener

Barcelona says Luis Surez has been cleared by team doctors to play when the Spanish league resumes. Uruguayan striker Surez had arthroscopic surgery on his right knee on Jan. 12 and hasnt played since.The club said Saturday that he will be ...

Top US military officer reaches out to Capitol Hill leaders

The nations top military officer, Gen. Mark Milley, spoke privately with congressional leaders and many other lawmakers as Pentagon officials came under fire for the militarys role in containing protests following the police killing of Geor...

Saudi Arabia reimposes 3 pm curfew in view of spike in COVID-19 cases

After loosening some restrictions, Saudi Arabia on Saturday reimposed a 3 p.m. curfew on residents in its second-largest city of Jiddah and suspended prayers in mosques there againThe decision comes as confirmed cases of the coronavirus con...

Tiger population on road to recovery with annual growth of 6%: Govt

The Union Environment Ministry on Saturday stressed that four surveys since 2006 have shown a healthy annual growth rate of 6 per cent in Indias tiger population, offsetting natural losses and keeping their numbers at the habitats-carrying ...

Give Feedback