HDFC Bank Limited on Monday announced that based on the recommendation of the Nomination & Remuneration Committee, the Board of Directors of the company approved the appointment of Dr. Harsh Kumar Bhanwala as as an Assitional Independent Director of the Bank for a period of three consecutive years from January 25, 2024 to January 24, 2027 (both days inclusive), the company announced through an exchnage filing.
In a continuation from previous notifications on June 30, 2023, and November 23, 2023, HDFC Bank's Board has approved the appointment of V. Srinivasa Rangan as the Executive Director, also known as the Whole-time Director, of the bank. His term, commencing from November 23, 2023, is set for a three-year duration, contingent upon the shareholders' approval.
Brief profile of Dr. Harsh Kumar Bhanwala
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.
Brief profile of V Srinivasa Rangan
V. Srinivasa Rangan was the Executive Director and Chief Financial Officer of erstwhile Housing Development Finance Corporation Limited. He has vast experience in housing finance and real estate sector. 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.
HDFC Bank Limited shares
The shares of HDFC Bank Limited on Friday at 3:30 pm IST closed at Rs 1,531.40, up by 0.66 per cent.
