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HDFC Bank announces wide-ranging organisational changes

The bank has been reorganised into three pillars of ‘business verticals’, ‘delivery channels’ and, ‘technology and digital’
Representational image.
Representational image.
File picture

PTI   |   Mumbai   |   Published 01.05.21, 01:37 AM

Seven months after Sashi Jagdishan took over as its chief executive and managing director, HDFC Bank on Friday announced wide-ranging organisational changes.

The bank has been reorganised into three pillars of ‘business verticals’, ‘delivery channels’ and, ‘technology and digital’. 

The lender has made a slew of changes in the senior leadership roles as well, with current group head for corporate banking Rahul Shukla being entrusted with the commercial banking (MSME) and rural vertical. 

“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,” Jagdishan said. 

“I am sure this structure will create the necessary strategic and execution agility that we need to serve our customers across India, retail, commercial (MSME) and corporate segments,” Jagdishan added. 

‘Business verticals’ will include corporate, retail and private banking, government and institutional banking, retail assets and payments. The bank is increasing its focus on commercial banking. 

Under ‘delivery verticals’, facets such as branch banking, tele-service/sales (including virtual relationship manager or VRM channel), sales channels aligned with the business verticals and digital marketing are being included. 

All the businesses and delivery channels will be backed by the ‘technology and digital’ vertical as the core backbone.

Executive director Kaizad Bharucha will continue to drive wholesale banking, including corporate banking group, capital and commodities markets group and financial institutions. 

Parag Rao, the group head for payments business, will now drive the technology transformation and digital agenda, besides continuing to be responsible for the payments vertical.

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