Aditya Puri successor may have to be finalised by June

MUMBAI: HDFC Bank may have to finalise potential successors for Aditya Puri by June 2020. In revised guidelines, the RBI has said that proposals for the appointment of a new MD & CEO of a bank should contain a panel of at least two names in the order of preference and should be submitted at least four months before the expiry of the term of office of the present incumbent.
Puri, who is 69 years old, will complete his term in October 2020. Also, in the case of reappointments, the RBI has said that it must receive six months in advance an application along with the completion of fit and proper formalities by a board-level committee. The fit and proper guidelines include a declaration and undertaking from the candidate certified by the nomination and remuneration committee of the board.
The revised guidelines were issued by the RBI on Tuesday. The declaration includes details of the investment, proceedings against the candidate and disclosure of any instance where the candidate has been reprimanded, censured, restricted, suspended or barred by any financial sector regulator.
HDFC Bank had earlier this year said that it would tap executive search firm Egon Zehnder to help identify a successor to Puri. It was widely expected that it would take until July 2020 for the board-level committee to finalise a successor.