The RBI has approved the reappointment of Atanu Chakraborty as HDFC Bank's part-time chairman

Description

The Reserve Bank of India has confirmed Atanu Chakraborty's reappointment as part-time Chairman of HDFC Bank for three years, beginning May 5, 2024 and ending May 4, 2027. The Board of Directors has also approved his reappointment as Independent Director for the same term.

Details

RBI approval

• The RBI has approved Atanu Chakraborty's continuation as part-time Chairman of HDFC Bank for the three-year term.

The Board of Directors' Decision

• Following the RBI's approval and the Nomination and Remuneration Committee's recommendation, the bank's board approved Chakraborty's reappointment as part-time Chairman and Independent Director.

Background of Atanu Chakraborty

• Atanu Chakraborty, a former 35-year member of the Indian Administrative Service (IAS) in the Gujarat cadre, has extensive experience in finance, economic policy, infrastructure, and energy.

Government Experience

• Chakraborty held several important positions in the Indian government, most notably as Secretary of the Ministry of Finance, Department of Economic Affairs (DEA). In this capacity, he was responsible for coordinating economic policymaking, budget formation, fiscal management, public debt management, and financial market development.

Key Achievements

• During his tenure, he spearheaded initiatives such as the National Infrastructure Pipeline (NIP), which underlined his commitment to fostering infrastructural development.

Compliance and Eligibility

• The bank has affirmed that Chakraborty is independent of other directors or key managerial personnel and is not barred from holding directorial positions by any regulatory authority.

Atanu Chakraborty’s re-appointment underscores HDFC Bank’s confidence in his leadership and strategic acumen as it navigates the dynamic financial landscape.

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