Former RBI executive director Lily Vadera joins HDFC Bank board

Vadera has 33 years of experience in central banking. She retired as Executive Director from the Reserve Bank of India in October 2020

HDFC Bank on Friday said its board has approved the appointment of former RBI executive director Lily Vadera as independent director.

The board of directors of the bank approved the appointment of Lily Vadera as an additional independent director of the bank for a period of five years effective from November 26, 2021, subject to the approval of the shareholders, HDFC Bank said in a regulatory filing.

Vadera, 61, has 33 years of experience in central banking. She retired as Executive Director from the Reserve Bank of India in October 2020.

As an ED of the RBI, she was in-charge of the Department of Regulation (DoR) where she dealt with the regulatory framework for various entities in the financial sector, covering all categories of banks and non-banking finance companies.

She was instrumental in putting in place a framework for a regulatory Sandbox to provide an enabling environment for fintech players to foster innovation in financial services and played a significant role in the amalgamation of banks in stress, the bank said.

She also represented RBI and played an important role as a member of the Insolvency Law Committee set up by the Ministry of Corporate Affairs.