HDFC Bank's CEO On Chairman Exit, Growth Strategy & What's Ahead | NDTV Profit Exclusive
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Questions asked in this interview
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3:31Can you highlight at least some part of it and can you confirm if RBI has ever intervened on any such matter either officially or unofficially, sir?
6:04Will you be willing to take up that challenge?
Fundamentals, the strength of the franchise. This is when I am saying that it is something that I mean it not just from an executive management perspective but also from the board perspective as well.
Now the developments of yesterday, when the form of part and chairman has decided to move on, I think that was a little bit surprise for not just me but for the entire board. Obviously we had a constructive relationship over the last five years, brought amount intensity in terms of positively the continuation. But I guess he seemed to have a mind in moving on. So that's part one.
Part two, obviously the insertion of the two lines has created did create in here in the call requested him to reconsider since he did mention there is nothing of any concern that he could share, right?
Now obviously this is a very strange situation to be in. It has created in the market, rightfully so, big people are far and wide across the globe and anyone remotely looking at it at dispositionally without knowing the color behind the news will sort of will have will take position either way depending what they see in black and white. But I think the kind of engagement we have done since morning collectively as a board, cohesive front, I think should minimize because truth is we are an institution, strong governance, value system, top something passionate about everything else. Now is something that we the purpose will speak for itself as we are on the cusp of coming out of the merger glide path and I think this is a great opportunity for all to invest in this particular stock.
Right? You've given enough of the, you know, pacifying and also confidence building, you know, statements, Mr. Sridhar. And now I want to ask you one important question that is about the concerns because most of the brokerages have really stated that if only the concerns could have been really revealed, they would have understood the magnitude of the issue that may have been there. You have made many statements that there were no concerns. But there is one thing that we as corporate reporters have been really focusing on and really following was that in the middle of last year RBI had in fact informally also asked your chairman to avoid taking executive orders and involving himself in executive orders where there were some instances of clash with the management on strategic decisions. Like even your subsidiary and what is the way forward? Can you highlight at least some part of it and can you confirm if RBI has ever intervened on any such matter either officially or unofficially, sir?
No, no, I would have no visibility of any of that. I am not aware of any such intervention by the regulator on any such matters. If at all, if you know, I am sure the RBI knows how to sort of balance between executive and the board and yes they will if there are excess that I do of management, I am sure they will reach out to if there are something board then so I don't have visibility. But whatever it is, I think you know the regulator probably knows how to stability, financial stability, they will do all the things required, supervisory perspective also from their own. But the specific mention, sorry, I have no visibility of the same and I cannot confirm and I am not aware of the thing.
So Mr. Jagdishan, do we see you as reappointed come October? Is that process going to be put on fast track given the uncertainty and the bank really needs more confidence, certainty on the next CEO as well. Will you be willing to take up that challenge?
Number one is I have always said I am, I am keen, that's number one. But having said that there is a fair amount of robust and very transparent process which is undertaken by the Nomination and Remuneration Committee, the board, and which will then recommend to the board and then post that to the regulator for approvals. I don't want to, I don't want to cross particular line in terms of say I would like to and I will be, I would like the process to take its own course and then the process approval come through, I will be it. But as of now I don't want to second any of the authority. I would like the authority process to take forward in the manner we would like as a great governance company.
And how concerned are the FII shareholders? You have a large base of FII shareholders and they are more critical about governance, especially of a bank.
Look, we are still engaged with him. I think we have come out transparently as I said. Mr. Sridhar just mentioned if a person such who set great system, institution, he accepts the position which means the concerns are probably not there. And the outgoing chairman actually subsequently has has mentioned the same. Today I am, I have been extremely busy in so I guess you put all the perspective, you put the regulator statement which is another testimony of the strength of the franchise institution. I think all this just leads to the fact that we continue to be extremely strong franchise, well positioned for growth. We seem to be extremely positioned happening, the bank also equally positioned just coming out. The, we have surprise technology next two years how it can bring fair amount of efficiency. I think we see to be on a roll.
8 more exchanges in this transcript
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