HDFC Bank's Parag Rao superannuates, Ashish Parthasarthy to take over

HDFC Bank on Tuesday announced that Parag Rao, a senior management member, has superannuated from the services of the bank with effect from the close of business hours on September 30.

 

Consequently, he has also ceased to be part of the bank’s senior management team. Rao headed the Payments Business, Liability Products, Consumer Finance, and Marketing functions at the bank.

 

Ashish Parthasarthy will take over Rao’s portfolio following his superannuation, sources said. Parthasarthy currently heads Branch Banking, Infrastructure, Treasury, and Virtual Channels divisions at HDFC Bank.

 

In his 23 years with the bank, Rao was responsible for multiple businesses and held key leadership positions, the bank said in a stock exchange filing. He was instrumental in setting up and leading the Payments Business vertical and was a significant contributor to the bank’s overall growth.

 

The bank follows a superannuation policy of 60 years.

 

Under his leadership, HDFC Bank became the market leader in Payments Businesses such as Credit Card Issuance and Merchant Acquiring. The bank added that Rao also managed Technology, Digital Banking, Marketing, and Liabilities Product functions, and played a key role in restructuring products to create a clearer and more concise offering aligned with market realities.