Shyamala Gopinath

Shyamala Gopinath (born 20 June 1949) is Chairperson of HDFC Bank, India's largest lender by market capitalization.[1] Ms. Gopinath is a former deputy governor of the Reserve Bank of India (RBI), a position she served for seven years.[2]

Shyamala Gopinath
Chairperson of HDFC Bank
In office
2 January 2015 – 2 July 2021
Deputy Governor of Reserve Bank of India
In office
21 September 2004 – 20 June 2011
GovernorY. V. Reddy
Duvvuri Subbarao
Preceded byVepa Kamesam
Succeeded byHarun Rashid Khan

She was actively involved in managing India's balance of payments crisis in 1991 that led to the first round of economic liberalization. Making the returns of small saving schemes market-linked was one of the most significant recommendations made by the Shyamala Gopinath panel, constituted on July 8, 2010.[3] Finally, the Government of India in February 2016[4] notified that instead of annual resetting of interest rates for the next financial year, the interest rates from now on will be reset every quarter based on the G-Sec yields of the previous quarter. She had earlier assisted the second Narasimhan committee on banking sector reforms.

A Certified Associate of the Indian Institute of Banking and Finance (1974), she has completed master's degree in commerce from University of Mysore (1980).

Shyamala Gopinath was honored 'Lifetime Achievement Award' at the ETPrime Women Leadership Awards in 2023.[5]

Early life

During her school days, Shyamala Gopinath wanted to study Mathematics and become a Teacher. However, her ambitions changed after selecting Commerce stream. Incidentally, she had opted Commerce as a subject to avoid studying History.[6] She was among the few women students to post-graduate in Commerce from University of Mysore in 1970. After her post-graduate degree, she had decided on a career in Commercial Banking and joined Bank of Baroda but at her father's insistence, she appeared for RBI competitive examination and even topped it.

Career in RBI

Shyamala Gopinath joined the RBI as an officer in April 1972.[7] During 1972-1996, she rose through the ranks to become Chief General Manager in 1996, a position she held until 2001. Starting June 2001, she was on deputation [8] as Senior Financial Expert at IMF where she worked in the then Monetary Affairs and Exchange Department - Financial Institutions Division. She was responsible for the Accompanying Document to the Guidelines on Foreign exchange reserve management detailing country practices. During July 2003 to September 2004, as Executive Director [9] of RBI, she was responsible for the Bank Regulation and Supervision department till February 2004, among others. She was elevated to the position of Deputy Governor[10] in September 2004. During her tenure, she was involved in reforms in forex regulations and market development. She served in this position until June 2011 during which she handled various areas ranging from financial stability, debt management, and foreign exchange reserves management, to management of capital account, financial market regulation, supervision of non-banking finance companies, payments and settlements systems, RBI accounts and the RBI balance sheet.

Legacy

Gopinath was known to be a low profile and compassionate Deputy Governor of the RBI. Liquidity management and regulation was her forte and is known to have handled crises [11] including the Kargil conflict of 1999, managing liquidity during the India Millennium Bond redemption in 2000, and the bankruptcy of Lehman brothers in 2008.

Role as HDFC Bank Chairperson

With effect from January 2, 2015, Shyamala Gopinath assumed charge as part-time Non-Executive Chairperson of HDFC Bank for a period of 3 years.[12][13] She is a member of Audit Committee (Chairperson), Nomination and Remuneration Committee, Risk Policy and Monitoring Committee, Customer Service Committee (Chairperson) and Fraud Monitoring Committee (Chairperson) at the bank.[14]

Other Important positions
  • She served on the Boards of State Bank of India Exim bank and National Housing Bank as nominee of Reserve Bank of India during her stint as Deputy Governor, RBI.
  • She is Chairperson of the Corporate Bonds and Securitization Advisory Committee of SEBI [15] since July 2011.
  • She is a Non-Executive Independent Director [16] of Tata Elxsi Limited since August 18, 2011.
  • She served as a Chairperson of the Advisory Board on Bank Commercial and Financial Frauds of the Central Vigilance Commission from March 26, 2012 [17] to March 26, 2014.
  • She served as a Chairperson of The Clearing Corporation of India Limited [18] from July 25, 2012 to July 25, 2015.
  • She served as a part-time Non Official Independent Director [19] of GAIL (India) Limited from February 29, 2012 to February 28, 2015.
  • She served as an Independent Director [20] of E.I.D. - Parry (India) Limited from January 30, 2014 to August 5, 2015.
  • She served as an Independent Director [21] of Indian Oil Corporation Limited from March 29, 2012 to June 25, 2015.
  • She served as an Independent Director [22] at National Stock Exchange of India Ltd., from January 2012 to February 2014. This raised the question of conflict of interest.[23]
  • She was appointed as Independent Non-Executive on the Global Advisory Council of Ernst and Young in September 2011.
  • She was appointed as Independent director on the Board of BASF India Limited in 2019.
  • She is the Chairperson of Indian Institute of Management Raipur.

Speeches

Shyamala Gopinath has given speeches in international and domestic fora. The topics range from approach to capital account management, centrality of banks in the financial system, macro prudential approach to regulation, over-the-counter derivative markets in India, pursuit of complete markets, changing dynamics of legal risks in the financial sector, technology in banks, retail payment systems and lessons for financial policy-making, among others.

Interests

Gopinath has often expressed her keen interest [24] in Carnatic Music, though she never aspired to be a singer.

References
  1. "HDFC Bank market capitalization crosses Rs3 trillion". Livemint. Retrieved 28 May 2016.
  2. "H R Khan likely to be RBI deputy governor". Rediff.com. Retrieved 8 June 2011.
  3. "Report of the Committee on Comprehensive Review of National Small Savings Fund" (PDF). finmin.nic. Retrieved 7 June 2011.
  4. "Interest Rates on various Small Savings Schemes for the 1st Quarter of 2016-17 notified;. Additional Interest Rate spreads which the Government allows on Small Savings Schemes like PPF, Senior Citizen Savings Scheme, Sukanya Samridhi Scheme and NSC etc. are being continued and included in the rates notified today". pib.nic.in. Retrieved 18 March 2016.
  5. "ETPrime Women Leadership Awards 2023". The Economic Times.
  6. Nayak, Gayatri (8 October 2004). "Minting history". The Economic Times. Archived from the original on 22 August 2016. Retrieved 30 April 2020.
  7. "RBI deputy governor Shyamala Gopinath retires". moneylife. Retrieved 20 June 2011.
  8. "Shyamala Gopinath - Banks Have to Increase Trust". Forbes India. Retrieved 15 July 2011.
  9. "Shyamala Gopinath appointed RBI executive director". Zee News. Retrieved 27 June 2003.
  10. "DEPUTY GOVERNORS". rbi.org.in.
  11. "RBI Deputy Governor Shyamala Gopinath Retires". Outlook India. Retrieved 20 June 2011.
  12. "Corporate Announcement". BSE India. Retrieved 2 January 2015.
  13. Dongre, Sanjay (2 January 2015). "Appointment as a Independent part-time Non-Executive Chairperson of HDFC Bank Limited" (PDF). HDFC Bank. Retrieved 29 April 2020.
  14. "Profiles of Directors". HDFC Bank. Retrieved 29 April 2020.
  15. "Corporate Bonds & Securitization Advisory Committee (CoBoSAC)" (PDF). sebi.gov.in.
  16. "TATA Elxsi" (PDF). tataelxsi.com.
  17. "Constitution of the Advisory Board on Bank, Commercial and Financial Frauds (ABBCFF) - regarding" (PDF). cvc.nic.in. Retrieved 26 March 2012.
  18. "Demission of office as the Chairperson" (PDF). ccilindia.com. Retrieved 13 August 2015.
  19. "Notice" (PDF). gailonline.com. Retrieved 19 July 2012.
  20. "Notice" (PDF). eidparry.com. Retrieved 2 July 2014.
  21. "Board of Directors" (PDF). IOCL.com.
  22. "Change in Board of Directors" (PDF). NSE India. Retrieved 20 February 2014.
  23. "Shyamala Gopinath's controversial appointment". Moneylife. Retrieved 17 January 2012.
  24. "There is a lot of satisfaction in contributing to public policy". The Hindu Business Line. Retrieved 20 June 2011.
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