HDFC Bank has promoted 7 senior executives to group heads of various businesses, according to news reports. The bank wants to retain talent and prevent them from being engaged by the new banks that are being established and offer them opportunities for development within the bank. The bank has promoted Parag Rao, head, Card Payments and Merchant Acquiring Business, Nitin Chugh, head, Digital Banking Services, Nirav Shah, head, SME Portfolio, and Ravi Narayanan, head Branch Banking vertical as group heads of their respective verticals. Similarly Ashok Khanna who is the head of the auto loan division, Ashima Bhat who is currently part of the finance team, and Munish Mittal, CTO, too have been elevated.The bank will now have 19 executives as part of its senior management team. The bank had earlier elevated Dhiraj Relli to head of HDFC Securities and Aseem Dhru as group head -business banking, rural, commodity and agri-lending businesses.
