HDFC Bank, the largest private sector lender, said on Thursday that it has appointed Ramesh Laxminarayan as its next Chief Information Officer (CIO). The appointment comes nearly four months after the resignation of former CIO Munish Mittal. He resigned after spending 25 years in the bank to pursue higher education in Britain. It is also the first major appointment announced by him under the new Chief Executive Officer and Managing Director of the bank, Shasidhar Jagdishan.
Laxminarayan joined the rating agency Crisil where he was working as Chief Technology and Information. HDFC Bank said in a statement that they have also worked with Kotak Mahindra Bank, Citibank and ABN Amro Bank in the past. He joined Crisil in 2017. Prior to this he was in Pragmatix Services, a big data and analytics startup for which he was the founder. It was acquired by the rating agency.
The bank’s country head for operations and technology, Bhavesh Zaveri, said Ramesh possessed professional skills as well as entrepreneurial skills, which he also showed while running a startup.
Many responsibilities on the new CIO
The statement said that this role is in many verticals and their responsibility is to work on technology strategy, strengthening foundational technology, enhancing digital capability and new-age AI / ML (Artificial Intelligence / Machine Learning) technology solutions for the bank. .
Laxminarayan is a graduate in Physics and has done his Masters in Business Administration from Pune University. According to reports, Mittal’s departure was a surprise and his deputy also planned to go out together. Reports of his leaving came at a time when many top management officials were leaving the bank.