Mumbai
: According to three people aware of this development, India’s largest private lender chief HR officer will leave after nearly seven years of working at the bank.
Vinay Razdan, the HR group and chief human resources officer, has been working at HDFC Bank since September 2018. Xlri, Jamshedpur, Razdan’s alumni are close to retirement, and his resignation is surprising despite this. According to one of the people, the bank is looking for candidates to lead the human resources department, which includes profiles from Razdan’s core team at HDFC Bank.
“One of his representatives might be to compete,” said one person who realized the discussion. “That is, the bank will also look at external candidates.”
“We do not comment on speculation and require publication to avoid speculative comments,” a spokesperson for the bank said in an email response. The text messages and calls to Razdan were still not answered.
Prior to working with the bank, he led the HR operations for Idea Cellular for 12 years and eight months. He is one of the key senior executives who merged with Vodafone India to form VI. According to his profile on the social media platform LinkedIn, Delhi University graduate Razdan worked with HCL Technologies for six years while ITC Ltd worked for 12 years.
Slowly lost, but the loss continues
As of the end of December, HDFC Bank employed 210,219 employees, compared with 208,066 in December 2023.
Experts say HDFC banks will look at ways to stabilize losses and drive productivity without having to hire a lot, like competitors. In fact, during the January earnings call, Chief Financial Officer Srinivasan Vaidyanathan answered questions about the number of employees.
“If you look at a 6-month or 9-month or even 12-month period, from December to December last year, it only had 2,000. So, we stick with it… the reason is that we have increased our investment in people and maintained that level… we are increasing our value through various productivity models,” Vaidyanathan said. ” Vaidyanathan said.
Although loss has been a pain point for private banks since the fiscal year, although it has fallen. HDFC Bank lost 34.15% in FY23, down to 26.9% in FY24. Mint On April 9, the top private sector banks expect a slowdown from the 24th fiscal year to spill over to the just-concluded fiscal (FY25). This may also mean that hiring is slower in the current fiscal year, as new talent opens fewer fresh positions.
In 2022, Razdan told Mint The bank took many steps to arrest the loss, and a large organization with many infantry would inevitably be lost. To combat wear and tear down, HDFC Bank has developed a benefit plan for its frontline and sales executives and created a grade within sales staff to increase career development.
