HDFC Bank announced on Friday that its board of directors has approved the appointment of former RBI executive director Lily Vadera as an independent director.
The bank’s board has approved the appointment of Lily Vadera as an additional independent director of the bank for a period of five years from November 26, 2021, subject to shareholder approval, HDFC reported. Bank in a regulatory file.
Vadera, 61, has 33 years of central banking experience. She retired as Executive Director of the Reserve Bank of India in October 2020.
As the Managing Director of the RBI, she was in charge of the Regulatory Department (DoR) where she dealt with the regulatory framework of various entities in the financial sector, covering all categories of banks and non-bank financial companies. She has been instrumental in establishing a framework for a regulatory sandbox to provide an enabling environment for fintech players to foster innovation in financial services and has played an important role in promoting bank merger under stress, the bank said.
She also represented RBI and played an important role as a member of the Insolvency Law Committee set up by the Department of Commercial Affairs.
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