The RBI gives HDFC Bank permission to nominate Mr. V Srinivasa Rangan as Executive Director

24 Nov 2023 , 11:52 AM

The RBI has approved Mr. V. Srinivasa Rangan to be the Bank’s Executive Director, or Whole-time Director, effective November 23, 2023, for a term of three (3) years. This approval was provided in a message dated November 23, 2023. The Bank’s Board of Directors will meet to discuss the appointment when the time comes.

Former Housing Development Finance Corporation Limited’s executive director and chief financial officer was Mr. V. Srinivasa Rangan. He is an Associate of The Institute of Chartered Accountants of India (ICAI) and has a Bachelor of Commerce from the University of Delhi. He is an authority in corporate governance, risk management, accounting, auditing, economics, corporate governance, and legal and regulatory compliance. 

He has extensive knowledge of the real estate and housing finance industries. Mr. Rangan has experience working in Ghana and the Maldives on international housing finance consultancy assignments. He has served on a number of financial services-related committees, including the RBI’s Committee on Asset Securitization and Mortgage-Backed Securitization, the National Housing Bank’s (NHB) Technical Group for the establishment of an Institution for the Secondary Mortgage Market in India, the NHB Working Group on Covered Bonds, and the NHB Working Group on Credit Enhancement Mechanism. 

The ICAI awarded Mr. Rangan the title of ‘Best CFO in the Financial Sector for 2010’. Additionally, he received a ‘Lifetime Achievement Award’ at the Financial Express CFO Awards 2023, which is in its sixth year.

HDFC Bank Limited’s shares were last trading at Rs. 1521.75 on the BSE, down from the previous close of Rs. 1512.35. 

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