Rahul Shukla, group head for business and rural banking at HDFC Financial institution, and Venugopal Ranganathan, chief threat officer (CRO) at Normal Chartered, are the 2 different names submitted to the Reserve Financial institution of India (RBI) for the CEO submit, the individuals mentioned.
Daruwala retires from the financial institution in March after eight years on the prime job.
“All three of them had been interviewed by the financial institution someday in October, following which names have been despatched to the regulator for its okay as it’s the norm,” mentioned one particular person conscious of the matter. “PD Singh has been ranked as the popular candidate by the financial institution and in addition the title of 1 inside candidate has been despatched as is the norm,” the particular person mentioned.
RBI often seeks names of 1 most well-liked candidate and not less than one inside title for prime positions in banks. The central financial institution’s approval is necessary earlier than banks can announce the chosen candidate. “The names have been despatched to the RBI in the course of November and the regulator usually takes a few months to present its resolution. The financial institution has sufficient time as a result of Zarin is round until March,” mentioned a second particular person conscious of the small print.
All three candidates didn’t reply to messages in search of remark.Replying to ET’s electronic mail question, Normal Chartered mentioned, “We don’t touch upon market hypothesis.” An electronic mail despatched to RBI didn’t elicit any response till Tuesday press time.Singh stepped down as CEO of JP Morgan in India, in June earlier than the tip of his time period. He had obtained regulatory approval in January 2023 for a three-year time period. Singh rose by way of the ranks at JP Morgan after becoming a member of the financial institution in 2010. He had beforehand labored at HSBC for greater than a decade.
Shukla, group head of business and rural banking at HDFC Financial institution is presently in command of enhancing the financial institution’s penetration in semi-urban and rural areas in India, throughout company, enterprise banking and retail banking. He joined in March 2018 as group head of company and enterprise banking from Citibank after working for the US lender since 1991.
Ranganathan has been with Normal Chartered for shut to fifteen years. He was elevated because the financial institution’s CRO in June 2021. Earlier than Normal Chartered, he spent greater than 9 years with ABN Amro Financial institution, in accordance with his LinkedIn profile.
Daruwala, who turns 60 in February, joined Normal Chartered as its first lady CEO in 2016 after a 26-year stint at ICICI Financial institution, the place she in the end led the financial institution’s wholesale banking vertical. Her RBI-approved time period ends in March. Daruwala has had a banking profession spanning greater than 35 years.