And for a Friday ….. rather strange resignation by the Part time chairman of HDFC Bank …… some thoughts …some musings …….
India’s Economic revival & growth story is linked to the structural Reforms of 1991 when the country was forced to move its gold to get an IMF loan …… since then we have moved leaps & bounds to become the fourth largest economy in the world ……. amongst the doyens of the period who made significant impact ….is a Legendary name …. .Mr. Deepak Parekh his vision , leadership ,skillsets , competencies remain unmatched in the financial sector in India ……he not only made HDFC the largest Housing Finance company in India …… but met the aspirations of Middle class Indians to get affordable & easy terms Housing finance & own homes …..most for the first time ever …… as the country opened up its economy & further privatisation was allowed …. HDFC set up HDFC Bank ….. HDFC Mutual Fund , HDFC Securities, HDFC Life , HDFC Asset Management & many others …. Each of these were later publicly listed & have blossomed to set Benchmarks in leadership in standards of Governance , Professionalism & Sustainable Management .
The resignation letter of Atanu Chakraborthy a former IAS bureaucrat who was Secretary of Economic affairs & at the helm of the Bank for almost 6 years is so bizarre ….. he cites his personal value at crossroads with bank practices ….. but without defining which banking practices are found lacking ….. understandably the entire professional Bank Board is perplexed ….. the Regulator of Banking in India ie RBI has categorically stated that there are no Governance concerns in the bank & immediately approved the appointment of Mr. Keki Mistry … one of India’s most respected financial Professionals as interim Chairman ……the bank has further announced the appointment of two Indian & one marquee US based law firm to review the circumstances around the abrupt resignation …….a clear sign of confidence of the Board on its highest standards of Governance , Integrity & transparency …..
These are Geopolitically highly volatile times ….. let us all stand in unison to support the Economic growth ….. the Ethical way ….. the sustainable way …. the SEEGOS way.