Ahmedabad Times

MUMBAI: HDFC Financial institution has appointed former Monetary Companies Secretary, Rajiv Kumaras its part-time chairman for a four-year time period with impact from June 30. Kumar’s appointment has obtained the approval of the Reserve Financial institution of India, the lender mentioned late Monday.

Kumar (66), a seasoned public coverage chief and monetary sector reformer, is broadly credited with enjoying a key function in revitalising India’s banking and monetary system throughout a interval of serious stress between 2017 and 2020.

Throughout his tenure, he strengthened governance, threat administration and regulatory oversight throughout banks by institutionalising specialised monitoring of enormous exposures and introducing technology-driven threat evaluation programs.

There was no materials concern past what I’d already written: HDFC’s Atanu Chakraborty

Earlier this month, HDFC Financial institution had obtained RBI approval to increase the tenure of interim part-time Chairman Keki Mistry by three months, till September 18 or till a brand new non-executive chairman was appointed. Kumar succeeds former Monetary Companies Secretary Atanu Chakrabortywho resigned on March 18, citing sure practices on the financial institution that he mentioned had been “not congruent” along with his worth system. The resignation despatched shockwaves by way of India’s banking sector and triggered a direct decline in HDFC Financial institution’s share worth.

However a authorized overview later discovered no advantage in Chakraborty’s claims, the lender mentioned, confirming an earlier ET newsbreak.