HDFC Bank has appointed Jimmy Tata as executive director for three years. This appointment is subject to the approval of RBI. The bank also approved the reappointment of V Srinivasa Rangan to the post of additional director.
Business: HDFC Bank has approved the appointment of Jimmy Tata as whole-time director i.e. executive director for three years. This appointment will be effective after the approval of RBI. Jimmy Tata is currently the Chief Credit Officer at the bank and has over 35 years of experience in the banking and financial services sector.
Jimmy Tata gets big responsibility in HDFC Bank
The board of HDFC Bank has approved the appointment of Jimmy Tata as whole-time director for a tenure of three years. He will be given the responsibility of Executive Director. However, this appointment will depend on the approval of the Reserve Bank of India (RBI).
According to the bank's exchange filing, the provisions related to the appointment of Jimmy Tata and his salary will be effective from the date of receipt of RBI approval or any other date decided by the central bank.
Who is Jimmy Tata?
Jimmy Tata is currently working as Chief Credit Officer in HDFC Bank. He holds a Master of Financial Management degree from Jamnalal Bajaj Institute of Management. Apart from this, he is also a Chartered Financial Analyst from the Institute of Chartered Financial Analysts of India.
Jimmy Tata has over 35 years of experience in the banking and financial services sector. His long professional career has been in banking, corporate banking, risk management and credit related areas.
Started career in 1987
Jimmy Tata started his career in 1987 as a consultant with Strategic Consultants Pvt. Ltd. About two years later, he joined Apple Industries Limited. There he went on to lead the wholesale leasing and hire purchase division.
In the year 1994, Jimmy Tata joined the corporate banking department of HDFC Bank as a relationship manager. After this he assumed important responsibilities in the same department and later became its head.
Also took over the responsibility of Chief Risk Officer
In June 2013, Jimmy Tata took over as Chief Risk Officer at HDFC Bank. Considering his long experience and different responsibilities in the bank, it has now been decided to give him the role of whole-time director and executive director.
Apart from his role at HDFC Bank, Jimmy Tata also sits on the boards of Tata International Asset Reconstruction Company Pvt Ltd (IARC) and HDB Financial Services Ltd. He is also a trustee of the HDB Employees Welfare Trust.
Re-appointment of V Srinivasa Rangan also
The board of HDFC Bank has also approved the reappointment of V Srinivasa Rangan as a whole-time director with the rank of executive director. His new tenure will be for one year from 23 November 2026 to 22 November 2027.
This appointment will also be subject to necessary approvals. The Bank has also focused on strengthening leadership at the Board level as well as succession planning for further responsibilities.
The number of whole-time directors will be four.
HDFC Bank has also approved the creation of an additional whole-time director post on the board. After the creation of this new post, apart from the Managing Director and Chief Executive Officer, the number of whole-time directors on the board of the bank will increase to four.
According to the bank, the purpose of the additional post is to ensure better coordination and monitoring with its subsidiary companies. Apart from this, it will also help in strengthening the succession planning framework of the bank.
Appointment will be done after new MD and CEO
The bank said in its filing that the appointment to the post of additional whole-time director will be made in consultation with the new MD and CEO after assuming charge. Necessary approval of shareholders for this appointment will also be taken later.
Send names to RBI for the post of MD and CEO
HDFC Bank has sent the names of two candidates to RBI for the post of Managing Director and Chief Executive Officer. According to the exchange filing, the names of the candidates have been sent in the order of priority.
The bank has also given details related to the proposed three-year tenure and salary of both the candidates to RBI. However, HDFC Bank has not yet made public the identity of these two candidates. His appointment will also proceed only after the approval of RBI.