HDFC Bank sees first operational restructuring

In a first since taking charge in October, 2020, HDFC Bank MD & CEO Sashidhar Jagdishan has recently announced a major operational restructuring of the organisation.

One of the main changes following the exercise called ‘project future-ready’ has been the allotment of digital banking responsibilities to Parag Rao, Group Head (payments business). The bank had come under fire from the regulator for regular downtime in its digital banking channel. Rao will now drive the technology transformation and digital agenda in addition to heading payments (including cards). Ramesh Lakshminarayanan, Chief Information Officer and Anjani Rathor, The Chief Digital Officer will report to him.

A second development is the increased focus on MSME, which the bank describes as the commercial banking vertical. Rahul Shyam Shukla, Group Head, will now be responsible to drive the commercial banking (MSME) and rural vertical.

Jagdishan said, “We are creating engines of growth with top-tier talent backed by technology and digital transformation to capitalise on opportunities that will accrue in the coming time.”

The other verticals are wholesale bank led by Kaizad Bharucha, ED, government and institutional businesses headed by Smita Bhagat, group head. Retail liabilities, investment and private banking will be headed by Rakesh Singh, who will look after marketing overall. Chief marketing officer Ravi Santhanam will report to Singh.