Shareholders had already approved his appointment in 2015 for a period of five years subject to RBI approval
Puri will hang up his boots this October as he will reach the maximum age limit of 70 for a chief executive officer of a private bank. Puri has been at the helm of HDFC Bank for the past 26 years, since its inception in 1994.
Jagdishan, currently working as the 'change agent' of HDFC Bank and head of finance, has been with the bank since 1996.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
However, the remuneration of Puri and Kochhar are not strictly comparable as the two banks follow different accounting practices.
He said companies with a good strategy, technology, capital, liquidity and a motivated team will emerge as winners after the crisis.
Puri earned a salary of Rs 7.39 crore in FY15, up 21.74% from last year
A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup.
'Fear is also a great impetus to push people in the right direction.' 'So, everyone who has touched black money is scared and I'm very happy about it.'
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The country's second largest private sector lender HDFC Bank promoted Paresh Sukthankar as the deputy managing director.
McDonald's asks the consumer whether he wants a hamburger with cheese, with tomato or without tomato. We will also have to deliver products as and when and how the customer wants.
For over a decade, HDFC Bank consistently outperformed industry growth rates in both deposits and advances, maintaining impeccable asset quality. Amid a landscape where other banks struggled with soaring non-performing assets (NPAs), HDFC Bank thrived, eventually surpassing ICICI Bank to become the largest private sector lender in India. Its net interest margin (NIM) remained stable in the range of 4.1-4.4 per cent.
HDFC Bank customers will be able to do 11 transactions on their Apple device using the `watchbanking' service.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
These are the highest-earning bank CEOs in India.
Puri has been at the helm of the bank since its inception in 1994.
HDFC Bank managing director Aditya Puri, ICICI Bank MD and CEO Chanda Kochhar, and Axis Bank MD and CEO Shikha Sharma did not receive their bonuses in full for financial year 2016-17
Yes, the entry of private bankers, particularly with global experience will add value to PSBs, points out Tamal Bandyopadhyay.
Housing Development Finance Corporation on Thursday said it would consider increasing the corporate lending rates but would not hike the interest rate on retail loans.
While Chanda Kochhar got a pay of Rs 2.66 crore, Arundhati Bhattacharya took home only Rs 28.96 lakh
Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.
She pocketed Rs 9.12 crore as remuneration in FY16
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
In a curious move, Reliance Industries' (RIL) executive director and Mukesh Ambani's trusted aide PMS Prasad pledged 600,000 shares of the company last month, which is 93.75 per cent of the total shares he owns in RIL. Prasad owned a total of 640,000 RIL shares and his compensation stood at Rs 11.15 crore in FY20.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
'When fund managers talk of being bullish for the long term, they assume strong economic growth.' 'That is what they have assumed every year, naively believing the pronouncements and promises of ministers.' 'Unfortunately, they have been wrong year after year,' observes Debashis Basu, editor, www.moneylife.in.
The Reserve Bank has taken some steps to shore up the domestic currency.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
Aggressive Hindutva elements have also disappointed industry captains
With more firms now offering stock options to their chief executives, the salaries of these managers are sky-rocketing.
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Bankers remained ambivalent on the impact of Tuesday's policy announcement by Reserve Bank on the cost of funds and refrained from giving a guidance on the direction in which lending rates are headed.
Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm. However, results of the shareholders' voting will not be disclosed till further directions from the tribunal. The ruling comes hours after PNB Housing Finance informed stock exchanges that it has appealed against Sebi's direction on June 18 wherein it was asked to defer consideration of the proposed capital infusion proposal till a valuation of the company's shares is done by a registered independent valuer.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
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