HDFC Bank taps former Economic Affairs secretary for Chairman

HDFC Bank has reportedly submitted former Economic Affairs secretary Atanu Chakraborty’s name to the Reserve Bank of India (RBI) as Chairman. According to a report the appointment, which is subject to the approval of the regulator, has been approved by the bank’s board and has also been officially vetted with the RBI.

HDFC Bank in the matter had earlier filed a public statement, stating it had filed with the RBI a name for the position of chairman; after incumbent Shyamala Gopinath’s tenure is due to expire at the start of the year.

“The Board of Directors of HDFC Bank Ltd, at its meeting held today, has recommended the appointment of the Part-Time Chairperson of the Bank and has submitted its recommendation to the Reserve Bank of India for approval under Section 35B of the Banking Regulation Act, 1949,” said HDFC Bank in the statement, adding “The tenure of the existing Part-Time Chairperson of the Bank, Mrs. Shyamala Gopinath, shall end at the close of business.”

The private lender said its board would appoint an Independent director to chair its meetings till the RBI gave its nod for the approval to the Chairmanship.

Atanu Chakraborty, an IAS officer of the Gujarat Cadre of 1985, was between July 2019 and April 2020 the Secretary of Economic Affairs. Chakraborty, since 1987, has held numerous positions across various spheres of the government, including as the secretary of Disinvestment between 2018 and 2019.