Puri's successor may have to be finalized by June

Mumbai: Possible successors may have to be finalized by June 2020. In the revised guidelines, the RBI has said that proposals for the appointment of a new MD and one CEO should contain a panel of at least two names in the order of preference and must be presented at least four months before the expiration of the mandate of the current holder.

69-year-old Puri will complete his term in October 2020. In addition, in the case of reelection, the RBI has said that it must receive an application six months in advance along with completion of the proper and adequate formalities by a meeting. -level committee. Adequate and appropriate guidelines include a statement and commitment of the candidate certified by the board's nomination and remuneration committee.

The revised guidelines were issued by the RBI on Tuesday. The statement includes details of the investment, proceedings against the candidate, and disclosure of any instance in which the candidate has been reprimanded, censored, restricted, suspended, or prohibited by any financial sector regulator.

HDFC Bank had said earlier this year that it would turn to executive search firm Egon Zehnder to help identify Puri. It was widely expected that it would take until July 2020 for the board-level committee to finalize a successor.