Ex-Economic Affairs Secy Atanu Chakraborty may be next HDFC Bank chairman

Former Economic Affairs Secretary Atanu Chakraborty is likely to be the next Chairperson of the country's largest private sector lender HDFC Bank, sources said.

He would replace Shyamala Gopinath, who is set to complete her term in January.

According to the sources, the bank has recommended the name of Chakraborty for appointment as the part-time Chairperson, subject to the Reserve Bank of India's approval.

Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM). Both departments come under the finance ministry.

The tenure of Gopinath, a former RBI Deputy Governor, is ending on January 1, 2021. She was appointed as the Chairperson in January 2015.

The bank's board, at its meeting held on Monday, decided to recommend the name of Chakraborty and submitted its recommendation to the RBI for approval under Section 35B of the Banking Regulation Act, 1949, the sources said.

Once he is appointed as the Chairperson, HDFC Bank will be the second private sector lender to have a former bureaucrat in the Chairperson post. ICICI Bank is chaired by former Petroleum Secretary and Additional Secretary in the finance ministry G C Chaturvedi.