Private lender HDFC Bank recently announced that its board had finalized three candidates to replace the outgoing Managing Director Aditya Puri. Aditya is set to retire in the month of October this year.
According to a stock exchange filing, the company said, “We wish to inform that pursuant to the recommendations of the search committee which was constituted by the board of directors of HDFC Bank and the nomination and remuneration committee of the bank, and pursuant to the Banking Regulation Act 1949 and the extant Reserve Bank of India (RBI) norms, the board of directors of the bank has today finalized the names of three candidates, in the order of preference, for the position of the managing director and chief executive officer of the bank.”
The bank has now submitted its application to the Reserve Bank of India with the names of the candidates in their order of preference seeking the central bank’s approval.
The bank added that on receipt of RBI approval, it shall duly make the requisite disclosures.
Earlier in November last year, the lender had also informed stock exchanges that it kick-started the much-awaited process of finding a successor to its longest-serving chief Aditya Puri, whose tenure ends on 26 October.
Meanwhile, in a separate announcement, the bank said that Sashidhar Jagdishan and Bhavesh Zaveri recently tendered their resignations as additional directors on the board and these have been accepted.
On 8 April, HDFC Bank had said that the RBI has advised it to wait for the new managing director to take over later this year before submitting proposals for two keyboard appointments. In November last year, the bank had initiated the appointment of Sashidhar Jagdishan and Bhavesh Zaveri as additional directors and executive directors of the bank, subject to RBI and shareholder approval.
“In accordance with RBI’s instructions, the board of directors of the bank shall examine and consider their appointments once the new managing director and chief executive assumes charge,” the bank said on Saturday.
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