The country’s largest private sector lender HDFC Bank has announced major organisational changes under new chief executive officer, Sashidhar Jagdishan, which include realignment of business under three key verticals. These are business verticals, delivery channels and technology/digital, the bank said in a release.
The creation of focused business verticals and delivery channels will enable it to capitalise on the opportunities across customer segments in the time to come, it said.
Jagdishan took over HDFC Bank's leadership from former CEO Aditya Puri in October last year.
The bank has four broad delivery channels - Branch Banking, Tele-service/sales, including Virtual Relationship Manager (VRM) channel, Sales Channels aligned with the business verticals and Digital Marketing. "These channels cover the length and breadth of the country including semi-urban and rural locations. The Bank will continue to invest in all these channels as part of the effort to enhance customer experience," the bank said.
All the businesses and delivery channels will be backed by Technology & Digital as the core backbone. The Bank has already outlined its Technology transformation agenda and it will synergise and integrate its technology / Digital functions and invest aggressively to both Run and Build the Bank, the release said.
Top level changes
Post the rejig, Kaizad Bharucha, Executive Director, will continue to drive the Wholesale Bank including Corporate Banking Group, Capital and Commodities Markets group and Financial Institutions, Rahul Shyam Shukla, Group Head, will now be responsible to drive the Commercial Banking (MSME) and rural vertical. Also, Smita Bhagat, Group Head – Government and Institutional Business (GIB) and Start-ups will continue to drive the Govt / Institutional Banking.
Further, Arvind Kapil, Group Head – Retail Assets and SLI, will continue to drive the Retail Assets Portfolio. Rakesh Singh, Group Head – Investment Banking and Private Banking will also be responsible for Marketing, Retail Liability Products and Managed Programmes, the bank said.
Ravi Santhanam, CMO, will now be also responsible for driving Digital Marketing as a stand-alone delivery channel. He will also be additionally responsible for the Retail Liability Products and Managed Programmes, the release said.
Also, Sampath Kumar, Group Head – NRI will now be in charge of all tele-service relationships, including VRM delivery channel of the Bank, Arvind Vohra, Group Head – Retail Branch Banking, Retail Trade & Forex will continue to drive the efforts on branch banking. Parag Rao, Group Head - Payments Business, will now drive the technology transformation and digital agenda.
Also, Ashish Parthasarathy- Group Head, Treasury and GIB would also provide the leadership for the tele-service / sales / relationship channel. Bhavesh Zaveri, Group Head – Operations, will continue to handle the entire operations of the Bank. He will also be additionally responsible for the entire ATM channel operations across the country. "The role of Credit, Risk, Control and enabling functions continue to be critical as we scale up further in size and reach. The current leadership would continue in these roles and support in the transformation journey to realize the vision of Project Future Ready," the bank said.
Under the plan, the bank will re-double its efforts on its business verticals that include corporate banking, retail banking, private banking, government and Institutional banking, retail assets and payments, it said.
“In addition, the Bank is increasing its focus on Commercial Banking (MSME vertical), the backbone of Indian economy. This would enable the Bank to bring its product and digital might to the entire Commercial Banking (MSME community) in a much more holistic and focused manner across Bharat & India,” the bank said in the release.