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The Reserve Bank of India has advised HDFC Bank to wait until the new Managing Director and CEO is in place before submitting proposals for appointment of Sashidhar Jagdishan and Bhavesh Zaveri as Additional Director and Executive Director (Whole-Time Director) on the board.
“We are now in receipt of a communication dated April 7, 2020 from Reserve Bank of India stating that 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,” HDFC Bank said in a regulatory filing on Wednesday.
The bank shall ensure compliance with Reserve Bank’s instruction, it said, adding that Jagdishan and Zaveri will continue as Additional Directors on the Board till the ensuing Annual General Meeting.
HDFC Bank had in November last year intimated the RBI about the appointment of Jagdishan and Zaveri to the board.
The lender is also in the middle of appointing a successor to its current MD and CEO Aditya Puri, who is set to retire in October this year when he turns 70. The bank had in November last year set up a committee to identify successor to Puri.
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