Chairman, BFSI News, ET BFSI
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“This will not only reinforce your bank’s top position in the MSME segment but also strengthen efforts to serve customers in both India and Bharat,” Chakraborty said, adding that the tech savvy young customers too would be benefited out of this move.
The delivery channels will be complemented with digital marketing, even as your bank leverages the branch channel and virtual relationship channel.
This was Chakraborty’s first AGM after the Reserve Bank of India approved his appointment in April for a period of three years. Chakraborty, a 1985 batch IAS officer of Gujarat cadre, earlier retired as secretary of department of economic affairs in the central government more than a year ago.
The bank continues its focus on corporate and Government business to drive growth.
Chakraborty put emphasis on being “future ready”, a key lubricant for growth in coming days. This, according to him, means that growth engines of corporate banking, MSME, agricultural and rural, government and institutions banking and others will be powered by robust technology and digital platforms.
“These growth engines will account for the bulk of our future investments and can be broadly classified as Business Verticals and Delivery Channels,” said Chakraborty.
During April-June quarter, HDFC Bank reported a 16.1 percent year-on-year growth in standalone profit at Rs 7,730 crore, its slowest pace since December 2016. It was lower than Rs 7,931 crore estimated by analysts in a Bloomberg poll.
In between, the chairman highlighted the lender’s efforts for environment, social and government or ESG, a global cult that qualifies for a cheap international cash pool.
“The bank has taken cognizance of ESG in its business plans and has put in place a broad strategy, which will be fine-tuned as we move ahead,” said Chakraborty.
“Your bank realizes the importance of environment protection and that it is a vital aspect within the ESG framework.”
During the pandemic many bank employees suffered due to the infection. The chairman made a special mention for those as he credited the bank for running bank operations seamlessly braving the odds.
“Many of them lost their lives. They are our unsung heroes. I join all of you in paying my respects to them,” he said.
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