New Delhi: Reserve Bank of India (RBI) has banned two main appointments of HDFC Bank’s board. The Reserve Bank has directed the board of the bank to first ensure the appointment to the post of MD and CEO of the bank. Reserve Bank of India has said that only after the appointment of MD and CEO can be appointed to other posts of the board.
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HDFC Bank had informed the Reserve Bank on November 28, 2019, that Shasidhar Jagadeeshan and Bhavesh Jhaveri are being made additional directors and executive directors (full-time directors) in the bank. For this, approval of the Reserve Bank and shareholders was sought. In November last year, both were appointed as Additional Directors by the bank. This decision of RBI is important in the sense that Jagdishan and Jhaveri were seen as strong contenders for the post of MD. Current MD Aditya Puri will retire in October this year.
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HDFC Bank has now told the stock exchanges, ‘In a letter sent by the Reserve Bank of India (RBI) on April 7, 2020, it has been said that since the said posts are of a very important place in the bank, the bank is instructed that Send this proposal only after assuming the new CEO and MD this year.
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