HDBC Bank gets RBI nod for appointment of Mr. Atanu Chakraborty as Part Time Chairman

The Reserve Bank of India ("RBI") vide its communication dated April 22, 2021, has approved the appointment of Mr. Atanu Chakraborty as the Part Time Chairman of HDFC Bank under Section 10B (1A)(i) of the Banking Regulation Act, 1949 for a period of 3 (three) years w.e.f. May 5, 2021 or the date of his taking charge, whichever is later.

A meeting of the Board of Directors of the Bank will be convened in due course to consider the appointment of Mr. Atanu Chakraborty as the Part Time Chairman and Additional Independent Director of the Bank.

Mr. Atanu Chakraborty served the Government of India, for a period of thirty five (35) years, as a member of Indian Administrative Service (IAS) in Gujarat cadre. He has mainly worked in areas of Finance & Economic Policy, Infrastructure, Petroleum & Natural Gas. In the Union Government, he held various posts such as Secretary to Government of India in the Ministry of Finance (Dept of Economic Affairs) during 2019-20. As Secretary (DEA), he co-ordinated economic policy making for all ministries/departments and managed entire process of formulation of Budget making for Union of India, including its passage in Parliament. He was responsible for fiscal management policies, policies for public debt management and development & management of financial markets. Mr. Chakraborty also handled financial stability and currency, domestic & foreign related issues as well. He managed flow of funds with multilateral and bilateral financial institutions and had multiple interfaces with them. He also headed a multi-disciplinary task force that produced the National Infrastructure Pipeline (NIP). He has also served as Secretary to the Union Government for Disinvestment (DIPAM) wherein he was responsible for both policy as well as execution of the process of disinvestment of Government of India's stake in state owned enterprises.

During the period 2002-07, Mr. Chakraborty served as Director and subsequently as Joint Secretary, Ministry of Finance (Department of Expenditure). During this period, he appraised projects in the Infrastructure sector as well as looked after subsidies of Government of India. He had also updated and modernized the Government's Financial & Procurement rules. Mr. Chakraborty has also discharged varied roles in the Gujarat State Government including heading the Finance Department as its Secretary. He had been responsible for piloting the private sector investment legislation in the State. In the State Govt., he has worked on the ground in both public governance and development areas.

Mr. Chakraborty has also served on the Board of World Bank as alternate Governor as well as on the Central Board of Directors of the Reserve Bank of India. He was also the Chairman of National Infrastructure Investment Fund (NIIF) as also on the Board of many listed companies. Mr. Chakraborty was also the CEO/MD of the GSPC group of companies as well as Gujarat State Fertilizers and Chemicals Ltd. Mr. Chakraborty had published articles in reputed journals in the areas of public finance, risk sharing in Infrastructure projects and gas infrastructure. Mr. Chakraborty graduated as a Bachelor in Engineering (Electronics & Communication) from NIT Kurukshetra. He holds a Diploma in Business Finance (ICFAI, Hyderabad) and a Master's degree in Business Administration from the University of Hull, UK.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1422.05 as compared to the previous close of Rs. 1390.75. The total number of shares traded during the day was 276544 in over 11530 trades.

The stock hit an intraday high of Rs. 1426.9 and intraday low of 1371. The net turnover during the day was Rs. 386064783.

Source : Equity Bulls

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