Former Economic Affairs Secretary Atanu Chakraborty has become part time chairperson of HDFC Bank. RBI has approved about this.
HDFC Bank is the largest private sector bank in the country. The bank recommended the appointment of Atanu Chakraborty as temporary chairperson. It has been approved by RBI. Let us tell you that HDFC Bank has become the second private sector bank, the chairperson of which is a former bureaucrat. The chairman of another private sector bank, ICCI Bank, is former Petroleum Secretary GC Chaturvedi.
Chakraborty’s name had already been decided in the board meeting of the bank. After this, under Section 35B of the Banking Regulation Act, 1949, his name was sent to the Reserve Bank for approval.
Who is Atanu Chakraborty
Chakraborty is a 1985 batch Gujarat cadre Indian Administrative Service (IAS) officer. He retired as Secretary of Economic Affairs in April 2020. Prior to this he was Secretary in the Department of Investment and Public Asset Management (Deepam). Both departments are under the Ministry of Finance.
He has an MBA in Business Finance from UK. He has been the Managing Director and Executive Director of Gujarat State Petronet M Limited since November 2015.
He has also been a collector of Sabarkantha, Vadodara and Amreli. Chakraborty has 22 years of experience. He has handled different departments of the state including Revenue, Finance, Home, Revenue, Water Connection and Education.
How is the bank’s performance
HDFC Bank (HDFC Bank) announced its quarterly results last week. The bank’s total profit during the January-March quarter increased by 15.8 per cent to Rs 8,434 crore. At the same time, the bank’s total profit in the fourth quarter of 2020 was Rs 7,280 crore.
The total advance with the bank increased by 13.6 per cent from Rs 10,43,671 crore as on 31 March 2020 to Rs 11,85,284 crore as on 31 March 2021.
In December 2020, HDFC Bank was temporarily barred by the RBI from launching new digital banking initiatives and issuing new credit cards due to technical constraints. RBI had imposed a penalty on the bank twice for technology.
After this, the bank insisted on adopting new technology to help further the future growth plans.
The largest private sector bank in the country assured the employees that despite the challenges of Kovid-19, their bonuses, promotions and salary hikes were protected like last year.
