HDFC Bank's Paresh Sukthankar has resigned from the board of the country's largest private bank and will vacate the post of deputy managing director. Sukthankar has been with HDFC Bank since its inception in 1994 and at present is responsible for overseeing the bank's credit and risk management departments, as well as it finance and human resources functions.
He was appointed to the post of deputy managing director of HDFC Bank in March 2017 and will be serving the 90-day notice period effective from August 10.
Deepak Parekh, chairman of HDFC Ltd, told Business Standard, "He has done a remarkable job and done exceptionally well for the bank. He felt he should step down for personal reasons after working for 24 years. We are sorry to see him leave."
Sukthankar met Parekh prior to putting in his papers.
When asked if he would be moving to a competing bank, Parekh said, "I do not think so. But, he is free to do what he wants."
A management graduate from the Harvard Business School and Jamnalal Bajaj Management Institute, Sukthankar has been a member of various Reserve Bank of India committees in addition to those set up by the Indian Banks' Association.
Most recently, he was appointed to an RBI committee tasked with working out a medium-term (five year) action plan for improving financial inclusion. Further, he was a member of the High Level Steering Committee for Review of Supervisory Processes for Commercial Banks.
He is on the IT strategy, risk policy, digital transactions and corporate social responsibility committees of the board of HDFC Bank.
While most private sector banks gave out loans with ease to finance large public infrastructure projects, HDFC Bank stayed away from the lending spree. The reason, industry sources say, was Sukthankar's staunch pragmatism, cautious approach and aversion to lending just because an opportunity might look good.
His name had been doing the rounds in the world of Indian finance for a few years now as the successor to Aditya Puri (the bank's current managing director and chief executive officer) whose term concludes in October 2020.
His father, DM Sukthankar, was the former chief secretary to the Maharashtra government. His conservative upbringing led to a passion for Hindustani classical music and he learned to play the tabla at an early age.
Prior to joining HDFC Bank, he worked at Citibank for nine years across the corporate banking, risk management, financial control and credit departments.
The announcement came after market hours. HDFC Bank's stock on Friday closed at Rs 2,115 on the National Stock Exchange, down by 0.17 per cent from its closing price on the previous day.
He was appointed to the post of deputy managing director of HDFC Bank in March 2017 and will be serving the 90-day notice period effective from August 10.
Deepak Parekh, chairman of HDFC Ltd, told Business Standard, "He has done a remarkable job and done exceptionally well for the bank. He felt he should step down for personal reasons after working for 24 years. We are sorry to see him leave."
Sukthankar met Parekh prior to putting in his papers.
When asked if he would be moving to a competing bank, Parekh said, "I do not think so. But, he is free to do what he wants."
A management graduate from the Harvard Business School and Jamnalal Bajaj Management Institute, Sukthankar has been a member of various Reserve Bank of India committees in addition to those set up by the Indian Banks' Association.
Most recently, he was appointed to an RBI committee tasked with working out a medium-term (five year) action plan for improving financial inclusion. Further, he was a member of the High Level Steering Committee for Review of Supervisory Processes for Commercial Banks.
He is on the IT strategy, risk policy, digital transactions and corporate social responsibility committees of the board of HDFC Bank.
While most private sector banks gave out loans with ease to finance large public infrastructure projects, HDFC Bank stayed away from the lending spree. The reason, industry sources say, was Sukthankar's staunch pragmatism, cautious approach and aversion to lending just because an opportunity might look good.
His name had been doing the rounds in the world of Indian finance for a few years now as the successor to Aditya Puri (the bank's current managing director and chief executive officer) whose term concludes in October 2020.
His father, DM Sukthankar, was the former chief secretary to the Maharashtra government. His conservative upbringing led to a passion for Hindustani classical music and he learned to play the tabla at an early age.
Prior to joining HDFC Bank, he worked at Citibank for nine years across the corporate banking, risk management, financial control and credit departments.
The announcement came after market hours. HDFC Bank's stock on Friday closed at Rs 2,115 on the National Stock Exchange, down by 0.17 per cent from its closing price on the previous day.
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