Paresh Sukthankar resigns as Deputy MD of HDFC Bank
Paresh Sukthankar, the deputy managing director HDFC Bank Ltd, has resigned from the country's most valuable bank, the lender said in a statement to the Bombay Stock Exchange.
 
''The Board of the bank places on record its sincere appreciation for the contribution made by MrSukthankar in his long association with the Bank and wishes him the very best in his future endeavors,'' the bank said in a statement. Sukthankar worked his way up in the bank since the lender's inception in 1994. His resignation will be effective 90 days from today, the notice said.
 
At Rs573,232 crores, HDFC Bank has the highest market capitalisation among all banks in India, ahead of the State Bank of India and ICICI Bank. It ranks third among all the companies listed on the BSE after Tata Consultancy Services at Rs763,360 crores and Reliance Industries at Rs763,053 crores.
 
Sukthankar holds a B.Com degree from Sydenham College, Mumbai, and passed his Masters in Management Studies (MMS) from Jamnalal Bajaj Institute in Mumbai. He also completed the Advanced Management Program (AMP) from the Harvard Business School, according to information posted on the bank's...

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COMMENTS

Prashant Prashant

1 month ago

In the US, u would have lawyers who give advise to the empowered decision makers. In India, u don't have this feature. Suppose a bank officer was summoned to a regulatory agency. That officer would bring his attorney that advises him. So if that company is taken to court, the lawyers would fight it out in front of a jury, or judge.
The Indian government has decisions to make on how to move forward and push these banks to make hard decisions.

Crowdfunding, Decades Before the Digital Era
Long before the digital era set in, greatly facilitating crowdfunding of projects and charities, my school in a small town of northern India was conducting crowdfunding of coins. It was the ‘50s, and the objective was to cover tuition fees of poor students because the tuition fees charged by this unaided boys' school, run by a private trust, were comparatively high. Hence, every Saturday morning, just before the dispersal of the assembly session of our school, each monitor would walk past the boys of his section, seated in two long rows, asking for voluntary donation of a coin or two from their pocket money towards what was called the Poor Boys' Fund (PBF), which was maintained by a senior teacher. 
 
Some students would dig into their pocket money to contribute, mostly 1-paisa coins but sometimes adhannis (2-paisa coins), or even 1-anna coins (4-paisa). A US dollar then was equal to about four Indian rupees, each of which consisted of 64 paisa, the smallest denominator of Indian currency. This meant that each US cent was equal to about 2.5 paise. The higher denomination coins, like davanni, chavanni or athanni (equal to 8, 16, and 32 paise, respectively) were too...
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RBI to transfer Rs 50,000 cr surplus to government
The Reserve Bank of India (RBI) on Wednesday said that it will transfer Rs 50,000 crore as surplus to the central government for the year ended June 30, 2018.
 
The Central Bank which follows the July-June year had transferred Rs 30,659 crore to the government's coffers for the year ended June 30, 2017.
 
According to RBI, the decision to transfer the surplus was taken by its Central Board which met here on Wednesday.
 
The Reserve Bank's income comprises of earnings from foreign and domestic sources, with the major portion being contributed by interest receipts, complemented by relatively small amounts of income from discount, exchange, commission, etc.
 
The RBI Act stipulates that after making provisions for contingencies and corpus funds as defined therein, the balance profit of the apex bank is to be transferred to the central government.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness,...

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COMMENTS

T.c. Shivswamy

1 month ago

RBI is very faithful to its Master,where as its faithful Retired employees aren being cheated of their rightful share of their own Pension fund contributions by not upgrading their pension as directed by the judgement of the Bombay High court for the last 15 years. Will shri Jaitley & Narendra Modiji our beloved PM will chastise this Central Banker RBI.

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