RBI approves Atanu Chakraborty appointment as HDFC Bank part-time chairman

Private sector lender HDFC Bank on Friday said the Reserve Bank has approved appointment of former Economic Affairs Secretary Atanu Chakraborty as the part-time chairman of the bank.

"The Reserve Bank of India (RBI) vide its communication dated April 22, 2021, has approved the appointment of Atanu Chakraborty as the part time chairman of the bank... for a period of three years with effect from May 5, 2021 or the date of his taking charge, whichever is later," HDFC Bank said in a regulatory filing.

HDFC Bank said a meeting of the board of directors of the bank will be convened in due course inter-alia to consider the appointment of Atanu Chakraborty as the part-time chairman and additional independent director of the bank.

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.

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