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Tag: HDFC

10-15% moderation in salaries not to impact lending practice: HDFC Bank

10-15% moderation in salaries not to impact lending practice: HDFC Bank

Finance
MUMBAI: Expecting discretionary spending to return in the next few months, private lender HDFC Bank on Wednesday said a 10-15 per cent moderation in salaries will not lead to an overhaul of consumer lending practices though some prudence might be in order. A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said. Unemployment has touched record highs since the beginning of the lockdown nearly two months ago, and corporates have reportedly adopted measures like wage cuts in the face of the difficulties businesses a...
HDFC Bank shortlists three names to replace Aditya Puri as CEO

HDFC Bank shortlists three names to replace Aditya Puri as CEO

Finance
HDFC Bank has “finalised the names of three candidates for the position of the managing director and chief executive officer of the Bank”. These names will be submitted to Reserve Bank of India for its approval and upon receiving that due disclosures will be made, the bank said in a statement to the stock exchanges on Saturday. According to an earlier ET report, the bank has three contenders to succeed Puri. These include Sashidhar (Sashi) Jagdishan and Kaizad Bharucha, both executive directors of the bank, and Sunil Garg, global CEO of Citi Commercial Bank. Puri, 69, is credited with building the bank from scratch since its 1994 inception and turning it into a financial giant with a balance sheet size of nearly Rs 14 lakh crore. His term will end in October 2020. The bank had constituted
RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

RBI asks HDFC Bank to submit proposal on two appts after new CEO takes over

Finance
MUMBAI: The Reserve Bank of India has directed HDFC Bank to keep in abeyance the appointment of two directors from among its executives saying that the choice of candidates should be left to the incoming chief executive. The bank had proposed the appointment of Sashdhar Jagdishan as an additional director and Bhavesh Zaveri as Executive Director. The two will however continue as additional directors till the shareholders meet the date for which is yet to be fixed. The Reserve Bank of India has said, ``since these are important positions in the Bank, the Bank is advised to examine and submit the proposal after a new MD and CEO assumes charge later this year,’’ the bank said in a filing. Jagdishan, whom the bank termed a `Change Agent’ is in the reckoning to succeed Puri as the CEO. Zaveri,
HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

Finance
NEW DELHI: HDFC Bank, Mastercard and SAP Concur have joined hands for spending management services for the corporate sector. HDFC Bank will offer a corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips, said a release on Tuesday. "The corporate credit card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving corporate efficiency," it said. The card is supported by Mastercard. SAP Concur is a travel, expense, and invoice management solutions provider. Parag Rao, country head (payments business and marketing) of HDFC Bank, said, "Corporates can gain greater insights and control, while ensuring re...
HDFC to tap Egon Zehnder to identify Aditya Puri’s successor

HDFC to tap Egon Zehnder to identify Aditya Puri’s successor

Finance
MUMBAI: India's HDFC Bank will retain global executive search firm Egon Zehnder to find a successor to managing director Aditya Puri, four sources familiar with the matter said, as its board seeks to end an impasse and zero in on a candidate. The board's decision to recruit a global head-hunting firm comes as a six-member internal search committee, appointed in November last year, has not been able to reach a consensus on selecting a successor to Puri, who has been at the helm of the country's largest private lender since its inception in 1994. Puri, whose term comes to an end in October this year, is also an advisor to the search committee tasked with identifying a suitable candidate. "The latest decision to hire a global advisory firm has been taken after the search committee members rea...