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HDFC Bank Board approved and recommends re-appointment of Aditya Puri as the Managing Director of the bank for a period of 5 years ending November 2020.
In a notice to its shareholders calling the 21{+s}{+t} Annual General Meeting on July 21, 2015, the bank said, “…subject to the approvals, as may be necessary from the Reserve Bank of India and other concerned authorities or bodies and subject to the conditions as may be prescribed by any of them while granting such approvals, Mr. Aditya Puri be and is hereby re-appointed as the Managing Director of the Bank for a period of 5 years with effect from November 1, 2015.”
Puri was due to retire on October 31 this year. Puri, 64, has been at the helm of the bank since its inception in 1994, the longest serving chief executive of an Indian bank.
Last September, the RBI raised the age limit of private bank chiefs to 70 years.
After the approval of his re-appointment, Puri is eligible to earn a remuneration of Rs 4.90 crore in basic salary and allowances.
The Board said, “The tenure of re-appointment in the application to the Reserve Bank of India (RBI) may be in the accordance with the prevailing practice / guidelines followed by RBI. Mr. Puri is eligible for re-appointment up to October 31, 2020 i.e. till he attains the age of 70.”
Further, “During Mr. Puri’s tenure as Managing Director, the Bank has achieved consistent growth across key parameters like Balance Sheet size, Total Deposits, Advances, Net Revenues, EPS and Net Profit. The rankings achieved by the Bank amongst all Indian banks with regard to market capitalization, Profit After Tax and Balance Sheet size remains among the top 10.
“In a competitive and dynamically changing industry it is critical for the Bank to draw on the expertise, knowledge and experience of such leaders who have an exceptional track record and are recognized among the best business leaders in the country,” it added.
The Bank has also recommended re-appointing of Paresh Sukthankar as the Deputy Managing Director and Kaizad Bharucha to be reappointed as Executive Director.
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