This is the first vital decision the bank took since the new CEO Jagdishan took charge last month. Ramesh Laxminarayaman has great leadership qualities.
Private sector lender HDFC Bank has made Ramesh Lakshminarayanan as their new group head of information technology and chief information officer (CIO). The bank has recently stated that “Laskhminarayanan will look after the bank’s technological transformation and his role will go through different verticals of the bank.”
The former CIO Munish Mittal resigned four months ago. Appointing Ramesh Laxminarayanan is a crucial moment for the bank since Sasidhar Jagdishan joined as new CEO. Munish Mittal wanted to study abroad so four months ago he left the post to pursue his dreams. His departure was an influential moment as he was at HDFC bank since 1996.
Several senior-level officers have left the bank in the last three years. Not less than 18 executives have quit from HDFC Bank since FY17. Many of them were a part of the private lender’s unparalleled growth story for more than over a decade. Group heads like Munish Mittal, Ashok Khanna, Abhay Aima, Nitin Chaugh, and Rajesh Kumar Rathanchand have been a part of the bank for 17-25 years.
Lakshminarayanan’s appointment was a significant decision for the Bank. As the private sector lender is in the process of ramping up its technology division in the wake of tight industry competition.
Furthermore, Lakshminaraynan worked at rating agency Crisil, for 3 years as the Chief Technology and Information Officer. He was a valuable part of that company as he is responsible for the transformation of CRISIL’s businesses by leveraging technology, data, and analytics.
Before CRISIL Laxminarayanan was a part of a big data and analytics start-up – Pragmatix Services Pvt Ltd. He was also a co-founder of Pragmatix Services Pvt Ltd. Then he joined CRISIL in 2017. Also, Lakshminarayanan has good experience as a leader. He held leadership positions with big organizations such as Citibank, ABN AMRO Bank, and Kotak Mahindra Group. In their release, Ramesh Laxminarayanan holds a Bachelor’s degree in Physics from Mumbai University and a Master’s degree in Business Administration from the University of Pune.
The Private sector lender HDFC Bank also said that they have high expectations from Laxminarayan. In the release, the authority also said that in this digital era the bank needs a technological transformation and under Ramesh Laxminarayanan’s supervision they will reach their goal.