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HDFC’s Deepak Parekh Speaks Publicly About Succession Planning

5Jul By Gauri SinghNo Comments

BUSINESS

HDFC’s Deepak Parekh Speaks Publicly About Succession Planning

Deepak Parekh, the Chairman of Housing Development Finance Corporation Ltd. (HDFC) stated in his annual letter to the shareholders that now, he will give utmost importance to succession planning and that will be his priority. The main purpose is to ensure a smooth transition within the HDFC group. While this session, Parekh claimed that the succession plan would take around 18-24 months for preparation. He also stated that the boards of the respective companies will consider both internal and external sources of recruitment for filling the positions. “Personally, the task of ensuring frictionless transition is and will be on the top of my mind. That said, it is not as if there will be an announcement right away,” Parekh said. “As passionate and energetic as so...

HDFC Bank Chief Aditya Puri Says Wallet Players Like Paytm Have No Future

In one of the sharpest comments against prepaid wallets like Paytm, HDFC Bank chief Aditya Puri today said such companies which hold on to customers through cash-backs are loss-making and have "no future". "I think wallets have no future. There is not enough margin in the payment business for the wallets to have a future," Puri, the managing director and chief executive of the second largest private sector lender, said at the annual Nasscom summit here. "Wallets as a valid economic proposition is doubtful. There is no money in the payments business. The current loss reported by market leader Paytm is Rs 1,651 crore. You cannot have a business that says pay a Rs 500 bill and take Rs 250 cash-back," Puri said. Wallet companies cannot "copy" the "Alibaba model" as well, as the domest...

HDFC Bank To Focus On Digital Platform For Substantial Growth

PTI: Private sector HDFC Bank plans to focus on digital platforms in rural and semi-urban markets to achieve sustained growth in the coming years. The bank is well positioned to continue to grow faster than the banking sector both in retail and wholesale segments, HDFC Bank said in its annual report for 2015-16. According to the report, "over the next couple of years, the bank will leverage on its distribution strength and digital platforms especially in the rural and semi-urban parts of the country for a more sustained growth." During the year, the bank introduced digital innovations including loans at ATMs, missed called recharge and 10 second personal loan. The report further said the bank will continue its focus on five core values of customer focus, operational excellence, pro...