HDFC Bank’s board approves appointment of Bhanwala as Additional Independent Director

The Board of Directors of HDFC Bank has approved the appointment of Harsh Kumar Bhanwala as an Additional Independent Director of the Bank for 3 years from January 25, 2024.

Further, the Board also approved the appointment of V Srinivasa Rangan as Executive Director (that is Whole-time Director) of the Bank for 3 years with effect from November 23, 2023.

“The above appointments shall be placed before the shareholders of the Bank for their approval in due course,” the private sector bank said in a regulatory filing.

Bhanwala was the Executive Chairman of Capital India Finance, an NBFC. Prior to that, he was the Chairman of the National Bank for Agriculture and Rural Development (NABARD) from 2013 to 2020.

“…Prior to leading NABARD, he was the Chairman & Managing Director of the India Infrastructure Finance Company, Senior Vice President at IL&FS Water, and the Managing Director of the Delhi State Cooperative Bank,” HDFC Bank said.

Rangan was the Executive Director and Chief Financial Officer of erstwhile Housing Development Finance Corporation Ltd. He holds a Bachelor’s degree in Commerce from University of Delhi and is an Associate of The Institute of Chartered Accountants of India (ICAI).

He has been a member of various committees related to financial services such as RBI’s Committee on Asset Securitisation and Mortgage Backed Securitisation, Technical Group formed by National Housing Bank (NHB) for setting up of a Secondary Mortgage market Institution in India, NHB’s Working Group on Covered Bonds and NHB’s Working Group on Credit Enhancement Mechanism.