HDFC Bank appoints Additional Independent Director and Executive Director

Based on the recommendations of the Nomination & Remuneration Committee, the Board of Directors of HDFC Bank Limited ("the Bank") at its meeting held today, has approved the appointment of Dr. Harsh Kumar Bhanwala (DIN: 06417704) as an Additional Independent Director of the Bank for a period of 3 (three) consecutive years from January 25, 2024 to January 24, 2027 (both days inclusive), not liable to retire by rotation, subject to the approval of the shareholders of the Bank. Dr. Bhanwala is not related to any other Director or Key Managerial Personnel of the Bank.

Further, in continuation to our intimation dated June 30, 2023 and November 23, 2023, the Board has approved the appointment of Mr. V. Srinivasa Rangan (DIN: 00030248) as Executive Director (i.e., Whole-time Director) of the Bank for a period of 3 (three) years w.e.f. November 23, 2023, subject to the approval of the shareholders of the Bank.

The above appointments shall be placed before the shareholders of the Bank for their approval in due course. Further, Dr. Bhanwala and Mr. Rangan are not debarred from holding the office of a director, by virtue of any SEBI order or any other such authority.

Dr. Harsh Kumar Bhanwala was the Executive Chairman of Capital India Finance Limited, an NBFC. Prior to that, from 2013 to 2020, Dr. Bhanwala was the Chairman of the National Bank for Agriculture and Rural Development (NABARD), the Government of India's apex development bank, which oversees all aspects of agricultural credit as well as the supervision of regional rural banks and cooperative banks. Dr. Bhanwala began his career at NABARD and worked there for almost three decades.

Prior to leading NABARD, he was the Chairman & Managing Director of the India Infrastructure Finance Company (IIFCL), Senior Vice President at IL&FS Water, and the Managing Director of the Delhi State Cooperative Bank.

Dr. Bhanwala earned a B.Sc. in Dairy Technology from the National Dairy Research Institute - Karnal, an MBA from IIM Ahmedabad, and a PhD in Management from Maharshi Dayanand University.

Mr. V. Srinivasa Rangan was the Executive Director and Chief Financial Officer of erstwhile Housing Development Finance Corporation Limited. He holds a Bachelor's degree in Commerce from University of Delhi and is an Associate of The Institute of Chartered Accountants of India (ICAI). He is an expert in finance, accountancy, audit, economics, corporate governance, legal & regulatory compliance, risk management and strategic thinking. He has vast experience in housing finance and real estate sector. Mr. Rangan has worked on international consulting assignments in housing finance in Ghana and the Maldives.

He has been a member of various committees related to financial services such as RBI's Committee on Asset Securitisation and Mortgage Backed Securitisation, Technical Group formed by National Housing Bank (NHB) for setting up of a Secondary Mortgage market Institution in India, NHB's Working Group on Covered Bonds and NHB's Working Group on Credit Enhancement Mechanism.

Mr. Rangan was conferred the "Best CFO in the Financial Sector for 2010" by ICAI. He was also honoured with "Lifetime Achievement Award" at the sixth edition of Financial Express CFO Awards 2023.

Shares of HDFC Bank Limited was last trading in BSE at Rs. 1532.05 as compared to the previous close of Rs. 1521.75. The total number of shares traded during the day was 1003759 in over 29189 trades.

The stock hit an intraday high of Rs. 1533.85 and intraday low of 1520.00. The net turnover during the day was Rs. 1536152246.00.

Source : Equity Bulls

Keywords

HDFCBank INE040A01034 Appointment IndependentDirector ExecutiveDirector