Latest news with #AtanuChakraborty
The Hindu
a day ago
- Business
- The Hindu
Its time for private sector to do heavy lifting: HDFC Bank Chairman
Now that the government had done enough investments during and post Covid to revive the economy, is now time for the private sector to do the heavy lifting (to keep the momentum), said Atanu Chakraborty, part- time chairman and independent director of HDFC Bank while speaking at the 31 Annual General Meeting of the Bank on Friday (August 9, 2025) in Mumbai. 'Time has come for the private sector to do the heavy lifting by not just waiting for uptick in the demand cycle but rather innovating on product design, implementing cost efficiency, and improving delivery systems for myriad products,' he told shareholders. Expressing optimism on the Indian economy despite global headwinds, he said, 'India today remains amongst the best performing major global economies. Last fiscal real GDP growth moderated to 6.5% following an average of 8.8% over the previous three financial years. This can be attributed to 'base effect', modest aggregate demand and spillovers of global uncertainties,' he said. 'We also witnessed softening of urban demand. Fixed investments stayed modest. Foreign capital inflows also weakened in the latter half of the year, reflecting global uncertainty,' he added. The chairman said the domestic growth had found meaningful support in rural demand that was backed by favourable monsoon conditions and a strong harvest. 'Exports grew by 6.3%, led by services, with Global Capability Centres continuing to expand. Construction and services remained robust, expanding above 9 and 7% respectively. Manufacturing, however, showed a slowdown,' he added,
Indian Express
2 days ago
- Business
- Indian Express
HDFC Bank Chairman asks private sector to do heavy lifting, cautions on global uncertainties
HDFC Bank Chairman Atanu Chakraborty on Friday said it's time for the private sector 'to do the heavy lifting' by innovating products, cutting costs and improving delivery, instead of waiting for demand to rise. Addressing the annual general meeting of the bank, Chakraborty also warned that there's a need to monitor the global developments closely, particularly for their potential impact on funding conditions, market stability and global economic outlook amid uncertainties on trade and geopolitics. 'Imposition of unilateral tariffs by a certain country is disturbing the global trade regime,' he said. 'Major economies showed signs of slowing down, with global GDP growth at 3.3 per cent for year 2024. The geopolitical tensions in several parts of the world continue to affect global supply chains and commodity prices,' Chakraborty said. The projected global growth by the IMF of 3.0 per cent for the year 2025, does not look robust, with the uncertainties on trade and geopolitics, he said. The HDFC Bank chairman said the drivers for growth would be low inflation and, in the medium term, impact of government spending on infrastructure and a large unmet demand for housing, particularly for affordable housing. 'Multiple domestic tailwinds are expected to support growth,' he said. The RBI has projected growth to be 6.5 per cent for FY26. What HDFC Bank chairman said about demand conditions On demand conditions, he said, 'we also witnessed softening of urban demand. Fixed investments stayed modest. Foreign capital inflows also weakened in the latter half of the year, reflecting global uncertainty.' 'Even so, domestic growth has found meaningful support in rural demand that is backed by favourable Monsoon conditions and a strong harvest. Exports grew by 6.3 per cent, led by services, with global capability centres continuing to expand,' he said. Construction and services remained robust, expanding above 9 and 7 per cent respectively. Manufacturing, however, showed a slowdown, Chakraborty said. 'India being a part of diversified global value chains, robust public digital infrastructure and consequent formalisation of the economy, provides a strong foundation for credit growth, in spite of external risks,' he said. The bank has a customer base of over 9.7 crore, and it serves them through 9,455 branches, 15,399 business correspondents and multiple digital channels. 'Over half of our branches are in the semi-urban and rural areas, facilitating wide coverage and accessibility to essential financial services,' he said. 'Almost 90 per cent of our branches are now actively offering home loans to customers,' he said. Meanwhile, the bank has lowered the MCLR by up to 5 basis points (bps) on select loan tenures.
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Business Standard
2 days ago
- Business
- Business Standard
HDFC Bank forms oversight department for sharper board-level updates
HDFC Bank has created a dedicated 'Group Oversight Department', reporting to an Executive Director (ED), which periodically updates the board on critical matters, enabling the board to maintain sharper oversight of risk, compliance, audit, and conduct across the group, said Atanu Chakraborty, Chairman, HDFC Bank, in his message to shareholders at the bank's annual general meeting (AGM). Having said that, each entity would continue to remain responsible and accountable for its operations. 'As we grow larger, we are conscious of our enhanced responsibility towards our enhanced stakeholder base,' said Chakraborty. 'Our robust frameworks ensure that all operations are conducted with transparency, accountability and in strict adherence to regulatory requirements. Our effort has been to identify and address any transgression and incentivise adherence to our cherished values of governance, risk management and high standards of customer service,' he said. 'We believe that the bonus issue would make equity shares of the bank affordable and increase its liquidity,' he said. HDFC Bank's board has approved the issuance of one bonus equity share for every one equity share held by eligible shareholders of the bank as on the record date, which is August 27. Additionally, Chakraborty said during the year (FY25), the bank focused on operational alignment across the merged entity, maintaining performance stability and balance sheet optimisation and strength. 'Our approach remained centred on risk-calibrated growth, prudent provisioning, disciplined execution, growing deposits and profitable loan growth. On account of various measures taken, including compression of credit growth, the CD ratio now stands at 96 per cent,' he said.
Time of India
15-07-2025
- Business
- Time of India
HDFC Bank board sets up oversight panel to monitor governance framework in subsidiaries
Mumbai: HDFC Bank chairman Atanu Chakraborty said the bank has strengthened governance frameworks across its key subsidiaries as it adapts to its expanded role as a financial conglomerate following the merger with HDFC Ltd. Tired of too many ads? go ad free now 'In order to address our enhanced stature as a financial conglomerate, we have strengthened our oversight on the group companies,' Chakraborty said in the bank's FY25 annual report. These include HDB Financial Services, HDFC Life Insurance, HDFC Asset Management, HDFC ERGO General Insurance, and HDFC Securities. A dedicated Group Oversight Department now monitors the implementation of the governance framework and reports to one of the executive directors. 'This function also briefs the Board of Directors on critical updates, if any, regarding the group companies,' he added. Four of these five subsidiaries—HDFC Life, HDFC AMC, HDFC ERGO, and HDB Financial Services—are now publicly listed. 'The IPO [of HDB Financial Services] was successfully concluded in the first quarter of the current financial year,' the chairman said, calling it 'another milestone for the group.' HDFC Bank was designated a Domestic Systemically Important Bank (D-SIB) and recalibrated its internal systems accordingly. 'We undertook a significant transformation of our compliance function, reinforcing our commitment to governance, transparency and regulatory excellence,' Chakraborty said. FY25 marked the first full year of operations for the combined HDFC Bank-HDFC Ltd entity. 'It now stands strengthened, much bigger in scale, broadened in capability and more unified in purpose,' he said. Tired of too many ads? go ad free now The merger brought together diverse businesses spanning life and general insurance, mutual funds, securities, and retail finance under one group. On future prospects, the chairman said, 'We are well positioned to take advantage of the realignments in international trade flows and supply chains that are now unfolding.' He added that India's economy is likely to grow 6.5% or more, supported by stable macroeconomic policies, rural demand, and potential rate cuts. The bank continues to invest in technology. 'GenAI presents a generational transformation opportunity and responsibility,' Chakraborty said, while stressing the need for 'appreciation of risk, reliability and information security.' Net profit for FY25 rose 10.7% to Rs 67,347.4 crore, while gross NPAs were contained at 1.33%. A dividend of Rs 22 per share has been proposed. 'The bank has a clear roadmap for growth anchored on values that have served the group well for over four decades,' he said.
