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HDFC Bank's CEO Sashi Jagdishan announces top management rejig

HDFC Bank's CEO Sashi Jagdishan announces top management rejig

HDFC Bank's CEO Sashi Jagdishan announces top management rejig
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By Ritu Singh  Apr 30, 2021 9:57:48 PM IST (Updated)

HDFC Bank has reorganised itself into three clear areas of business verticals, delivery channels and technology / digital, under \"Project Future – Ready" to power its next wave of growth, the bank said in a statement.

The country's top private lender, HDFC Bank on Friday announced a major organisational change, reshuffling the portfolios of its core team. This is the first major rejig under the new managing director, Sashidhar Jagdishan, who succeeded the bank’s long-time head, Aditya Puri, in October last year.

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HDFC Bank has reorganised itself into three clear areas of business verticals, delivery channels and technology / digital, under \"Project Future – Ready" to power its next wave of growth, the bank said in a statement. "The creation of focused business verticals and delivery channels will enable it to capitalise on the opportunities across customer segments in the time to come,” HDFC Bank said.
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"We are creating engines of growth with top-tier talent backed by technology and digital transformation to capitalise on opportunities that will accrue in the coming time," said Jagdishan. "They are in our mind Future – Ready teams. I am sure this structure will create the necessary strategic and execution agility that we need to serve our customers across India & Bharat, Retail, Commercial (MSME) and Corporate segments."
Portfolio Reshuffle
The bank’s executive director Kaizad Bharucha will continue to head wholesale bank, including corporate banking group, capital and commodities markets group and financial Institutions.
Rahul Shyam Shukla, currently the group head – wholesale banking, will now head commercial banking (MSME) and the rural vertical.
Smita Bhagat, currently country head of government and institutional business, e-commerce, and start-ups, will continue to head govt/institutional banking, and also drive the expansion of the bank’s rural presence, as well as the start-up sector.
Arvind Kapil, currently country head - retail assets at HDFC Bank will continue to head retail assets portfolio.
Rakesh Singh, currently the group head – investment banking and private banking- will now also be responsible for marketing, retail liability products, and managed programmes.
Parag Rao, currently country head – payments, consumer finance, digital banking, and marketing, will now drive the technology transformation and digital agenda and payments vertical. Ramesh Lakshminarayanan, chief information officer, and Anjani Rathor, chief digital officer will report to Rao.
Ravi Santhanam, currently the bank's chief marketing officer, will now also be responsible for driving digital marketing as a stand-alone delivery channel. Santhanam will additionally be responsible for the retail liability products and managed programmes at the bank.
Sampath Kumar, currently the group head - liability products, third party products, and non-resident business, will now be in charge of all tele-service relationships, including VRM delivery channel of the bank.
Arvind Vohra, group head – retail branch banking, retail trade and forex to continue to drive the efforts to expand through branch banking.
Ashish Parthasarathy- group head, treasury and GIB will now also be responsible for the tele-service/sales/relationship channel.
Bhavesh Zaveri, group head – operations, will continue to handle the entire operations of the bank, and additionally, be responsible for the entire ATM channel operations across the country.
"The bank will re-double its efforts on its business verticals that include Corporate Banking, Retail Banking, Private Banking, Government and Institutional Banking, Retail assets and Payments. In addition, the Bank is increasing its focus on Commercial Banking (MSME vertical), the backbone of the Indian economy. This would enable the Bank to bring its product and digital might to the entire Commercial Banking (MSME community) in a much more holistic and focused manner across Bharat & India,” HDFC Bank said in its late evening statement to the media.
It added that the credit, risk, and control functions would also remain with the current leadership as part of its "Project Future Ready" transformation.
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