In a meeting held today, India’s leading private sector bank, HDFC Bank, approved the appointment of Dr. Harsh Kumar Bhanwala as an Additional Independent Director of the Bank and V. Srinivasa Rangan as Executive Director. Both have been appointed for a three-year term.
Bhanwala’s three-year term will run from January 25, 2024 to January 24, 2027 (both days inclusive), and he will not be able to retire by rotation. Rangan’s term will begin on November 23, 2023, subject to the approval of the Bank’s shareholders.
According to the bank’s regulatory filing, the above appointments will be presented to the bank’s shareholders for approval in due course. Furthermore, neither Dr. Bhanwala nor Mr. Rangan are barred from serving as directors under any SEBI order or other similar authority.
Dr. Harsh Kumar Bhanwala was the Executive Chairman of Capital India Finance Limited, a non-banking financial company. Dr. Bhanwala previously served as Chairman of the National Bank for Agriculture and Rural Development (NABARD), the Government of India’s apex development bank, which oversees all aspects of agricultural credit as well as the supervision of regional rural banks and cooperative banks, from 2013 to 2020. Dr. Bhanwala began his career at NABARD and spent nearly three decades there.
Prior to becoming Chairman and Managing Director of NABARD, he served as Chairman and Managing Director of the India Infrastructure Finance Company (IIFCL), Senior Vice President of IL&FS Water, and Managing Director of the Delhi State Cooperative Bank. Dr. Bhanwala graduated from the National Dairy Research Institute – Karnal with a B.Sc. in Dairy Technology.