Tag: ESG

Chairman, BFSI News, ET BFSI

Banking & Finance

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HDFC Bank, largest lender by market capital, has created a new business segment of commercial and rural banking to capture the next wave of growth, said Atanu Chakraborty, the bank’s non-executive chairman, in the annual general meeting held on July 17.

“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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HDFC Bank to turn carbon neutral by 2031-32

Banking & Finance

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Private sector lender HDFC Bank plans to turn carbon neutral by 2031-32 and will reduce its emissions, energy, and water consumption. “The bank will continue to incorporate and scale up the use of renewable energy in its operations,” it said in a statement on Thursday.

As part of its ESG strategy, it will also focus on offering loans for green products like electric vehicles at lower interest rates and incorporating ESG scores in its credit decisions. Additionally, it is working on a framework for issuing green bonds.

When asked about the plan to offer loans at lower interest rates for electric vehicles, Ashima Bhat, Group Head – CSR, Business Finance and Strategy, Administration and Infrastructure, HDFC Bank said the proposal is being evaluated.

Also read: A sizzling rally lures HDFC Bank to do more equity deals

“We have to see the introduction of electric vehicles in the market. Products are in the works, but there has to be a demand as well,” she said, adding that there is expectation that they will be introduced in a large way but it may be done in two to three years’ time.

As a part of its strategy to turn carbon neutral, HDFC Bank is also looking at other initiatives such as decreasing absolute emissions and energy consumed in line with current level of 3,15,583 MT CO2 emissions and increase rooftop solar capacity in large offices. It also plans to convert 50 per cent of its total sourced electricity to renewable energy, create single use plastic free corporate offices, plant 25 lakh trees and reduce water consumption by 30 per cent.

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Federal Bank names new CFO as Khajuria moves into ESG role, BFSI News, ET BFSI

Banking & Finance

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Private lender Federal Bank on Monday, in a regulatory filing, announced that its current CFO and Executive Director Ashutosh Khajuria will move to “establish ESG journey”, and named Group President Venkatraman Venkateswaran as the new CFO. The appointment of the new CFO is effective May 18, 2021.

Post the transition, Khajuria will also be responsible for treasury, credit & collections, and strategic initiatives of the bank, the lender said.

The new CFO Venkatraman Venkateswaran is a chartered accountant qualified with graduate degrees in Law and Economics with more than three decades of professional expertise in banking and compliance. He is also equipped with an Executive MBA from Indian Institute of Management, the bio shared in the filing said.

Previously, Venkateswaran handled senior positions and was responsible for financial management, reporting and financial control in large corporations like Indian Rayon & Industries (Aditya Birla Group), the Singapore based Kewalram Chanrai Group and as CFO with Invensys India Pvt Ltd.

Following the news, shares of the Federal Bank were trading at Rs 82.15 apiece on the BSE, up 3 per cent from the previous close.



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