HDFC Bank Appoints Two New Faces Onboard

New Delhi: India's leading private sector bank, HDFC in its meeting held today, has approved the appointment of Dr. Harsh Kumar Bhanwala as an Additional Independent Director of the Bank and V. Srinivasa Rangan as Executive Director. Both has been appointed for a period of three years.

Bhanwala's three year period will be from January 25, 2024 to January 24, 2027 (both days inclusive), not liable to retire by rotation, and Rangan's period is w.e.f. November 23, 2023, subject to the approval of the shareholders of the Bank.

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Bank in its regulatory filing states that the above appointments shall be placed before the shareholders of the Bank for their approval in due course. Further, Dr. Bhanwala and Mr. Rangan are not debarred from holding the office of a director, by virtue of any SEBI order or any other such authority.

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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. Dr. Bhanwala earned a B.Sc. in Dairy Technology from the National Dairy Research Institute – Karnal, an MBA from IIM Ahmedabad, and a PhD in Management from Maharshi Dayanand University.

Brief profile of Mr. V Srinivasa Rangan 

Mr. V. Srinivasa Rangan was the Executive Director and Chief Financial Officer of erstwhile Housing Development Finance Corporation Limited. He holds a Bachelor’s degree in Commerce from University of Delhi and is an Associate of The Institute of Chartered Accountants of India (ICAI). He is an expert in finance, accountancy, audit, economics, corporate governance, legal & regulatory compliance, risk management and strategic thinking. He has vast experience in housing finance and real estate sector. Mr. 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. Mr. Rangan was conferred the "Best CFO in the Financial Sector for 2010" by ICAI. He was also honoured with “Lifetime Achievement Award” at the sixth edition of Financial Express CFO Awards 2023.

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