Shyamala Gopinath

2022-01-04T14:46:40Z

2402:3A80:93B:6295:A56D:29DA:E1B5:F828:

{{short description|Indian banker}}
{{Use Indian English|date=July 2015}}
{{Use dmy dates|date=July 2015}}
{{Infobox officeholder
| name = Shyamala Gopinath
|office= [[Chairman|Chairperson]] of [[HDFC Bank]]
|term_start = 2 January 2015
|term_end =
| office1= Deputy Governor of [[Reserve Bank of India]]
| term_start1 = 21 September 2004
|term_end1 = 20 June 2011
| governor1 = [[Y. V. Reddy]]<br>[[Duvvuri Subbarao]]
| predecessor1 = Vepa Kamesam
| successor1 = [[Harun Rashid Khan]]
}}

'''Shyamala Gopinath''' (born 20 June 1949) is Chairperson of [[HDFC Bank]], India's largest lender by market capitalization.<ref>{{cite web | url = http://www.livemint.com/Money/A2RACm44tCUatQcabIEybJ/HDFC-Bank-market-capitalization-crosses-Rs3-trillion.html |title = HDFC Bank market capitalization crosses Rs3 trillion | publisher = Livemint | access-date = 2016-05-28}}</ref> Ms. Gopinath is a former deputy governor of the [[Reserve Bank of India]] (RBI), a position she served for seven years.<ref>{{cite web | url = http://www.rediff.com/money/report/h-r-khan-likely-to-be-rbi-deputy-governor/20110608.htm |title = H R Khan likely to be RBI deputy governor | work = Rediff.com | access-date = 2011-06-08}}</ref>

She was actively involved in managing India's [[1991 Indian economic crisis|balance of payments crisis]] in 1991 that led to the [[Economic liberalisation in India|first round of economic liberalization]]. Making the returns of small saving schemes market-linked was one of most significant recommendations made by the Shyamala Gopinath panel, constituted on July 8, 2010.<ref>{{cite web | url = http://finmin.nic.in/reports/report_committee_comprehensive_review_nssf.pdf |title = Report of the Committee on Comprehensive Review of National Small Savings Fund | publisher = finmin.nic | access-date = 2011-06-07}}</ref> Finally, the Government of India in February 2016<ref>{{cite web | url = http://pib.nic.in/newsite/PrintRelease.aspx?relid=138169 |title = 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 | publisher = pib.nic.in | access-date = 2016-03-18}}</ref> 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 [[Narasimham Committee on Banking Sector Reforms (1998)|the second Narasimhan committee on banking sector reforms]].

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

==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.<ref>{{cite news |last1=Nayak |first1=Gayatri |title=Minting history |url=http://articles.economictimes.indiatimes.com/2004-10-08/news/27418170_1_deputy-governor-shyamala-gopinath-rbi |access-date=2020-04-30 |work=[[The Economic Times]] |date=8 October 2004 |archive-url=https://archive.today/20160822223802/http://articles.economictimes.indiatimes.com/2004-10-08/news/27418170_1_deputy-governor-shyamala-gopinath-rbi |archive-date=2016-08-22 |url-status=dead}}</ref>{{cbignore|bot=InternetArchiveBot}} 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.<ref>{{cite web | url = http://www.moneylife.in/article/rbi-deputy-governor-shyamala-gopinath-retires/17436.html |title = RBI deputy governor Shyamala Gopinath retires | publisher = moneylife | access-date = 2011-06-20}}</ref> 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 <ref>{{cite web | url = http://forbesindia.com/printcontent/26812 |title = Shyamala Gopinath - Banks Have to Increase Trust | work = Forbes India | access-date = 2011-07-15}}</ref> as Senior Financial Expert at [[International Monetary Fund|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 <ref>{{cite web | url = http://zeenews.india.com/home/shyamala-gopinath-appointed-rbi-executive-director_107806.html |title = Shyamala Gopinath appointed RBI executive director | publisher = Zee News | access-date = 2003-06-27}}</ref> 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<ref>{{cite web | url = https://www.rbi.org.in/scripts/deputygovernors.aspx |title = DEPUTY GOVERNORS | publisher = rbi.org.in }}</ref> 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 <ref>{{cite web | url = http://www.outlookindia.com/newswire/story/rbi-deputy-governor-shyamala-gopinath-retires/725466 |title = RBI Deputy Governor Shyamala Gopinath Retires | publisher = Outlook India | access-date = 2011-06-20}}</ref> including the [[Kargil War|Kargil conflict of 1999]], managing liquidity during the India Millennium Bond redemption in 2000, and [[Bankruptcy of Lehman Brothers|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.<ref>{{cite web |url = http://www.bseindia.com/corporates/anndet_new.aspx?newsid=18a9bae1-b818-4f24-8104-96467130f99f |title = Corporate Announcement |website=[[Bombay Stock Exchange|BSE India]]| access-date=2015-01-02}}</ref><ref>{{cite web |last1=Dongre |first1=Sanjay |title=Appointment as a Independent part-time Non-Executive Chairperson of HDFC Bank Limited
|url=https://v1.hdfcbank.com/htdocs/aboutus/cg/pdf/Appointment_Letter_Part_Time_Non_Executive_Chairperson.pdf |website=[[HDFC Bank]] |access-date=2020-04-29 |date=2 January 2015}}</ref> 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.<ref>{{cite web |title=Profiles of Directors |url=https://v1.hdfcbank.com/aboutus/cg/Profiles_of_Directors.htm#19 |website=[[HDFC Bank]] |access-date=2020-04-29}}</ref>

==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 <ref>{{cite web | url = http://www.sebi.gov.in/cms/sebi_data/attachdocs/1438241698055.pdf |title = Corporate Bonds & Securitization Advisory Committee (CoBoSAC) | publisher = sebi.gov.in }}</ref> since July 2011.
* She is a Non-Executive Independent Director <ref>{{cite web | url = http://www.tataelxsi.com/investors/financials/Annual_Report_2011-2012.pdf |title = TATA Elxsi | publisher = tataelxsi.com }}</ref> 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 <ref>{{cite web | url = http://cvc.nic.in/ABBCFF2_28032012.pdf |title = Constitution of the Advisory Board on Bank, Commercial and Financial Frauds (ABBCFF) - regarding | publisher = cvc.nic.in | access-date = 2012-03-26 }}</ref> to March 26, 2014.
* She served as a Chairperson of The Clearing Corporation of India Limited <ref>{{cite web | url = https://www.ccilindia.com/AboutUs/BrdDirectors/Documents/Demission%20of%20office%20as%20Chairperson-Mrs.%20Shyamala%20Gopinath.pdf |title = Demission of office as the Chairperson | publisher = ccilindia.com | access-date = 2015-08-13}}</ref> from July 25, 2012 to July 25, 2015.
* She served as a part-time Non Official Independent Director <ref>{{cite web | url = http://www.gailonline.com/final_site/pdf/2011-12/Notice.pdf |title = Notice | publisher = gailonline.com | access-date = 2012-07-19}}</ref> of GAIL (India) Limited from February 29, 2012 to February 28, 2015.
* She served as an Independent Director <ref>{{cite web | url = http://www.eidparry.com/ContentFiles/Downloads/annualreport/AGM_NoticeAndProxy02072014.pdf |title = Notice | publisher = eidparry.com | access-date = 2014-07-02}}</ref> of E.I.D. - Parry (India) Limited from January 30, 2014 to August 5, 2015.
* She served as an Independent Director <ref>{{cite web | url = https://www.iocl.com/AboutUs/AnnualReports/Board_of_Directors_2012.pdf |title = Board of Directors | publisher = IOCL.com }}</ref> of Indian Oil Corporation Limited from March 29, 2012 to June 25, 2015.
* She served as an Independent Director <ref>{{cite web | url = https://www.nseindia.com/global/content/about_us/BOD_12.pdf |title = Change in Board of Directors | publisher = NSE India | access-date = 2014-02-20 }}</ref> at [[National Stock Exchange of India | National Stock Exchange of India Ltd.]], from January 2012 to February 2014. This raised the question of conflict of interest.<ref>{{cite web | url = http://www.moneylife.in/article/shyamal-gopinaths-controversial-appointment/23000.html |title = Shyamala Gopinath's controversial appointment | publisher = Moneylife | access-date = 2012-01-17 }}</ref>
* 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 <ref>{{cite web | url = http://www.thehindubusinessline.com/money-and-banking/there-is-a-lot-of-satisfaction-in-contributing-to-public-policy/article2120966.ece |title = There is a lot of satisfaction in contributing to public policy | publisher = The Hindu Business Line | access-date = 2011-06-20 }}</ref> in [[Carnatic Music]], though she never aspired to be a singer.

== References ==
{{reflist|2}}

==External links==
* Q&A - [http://www.business-standard.com/article/finance/q-a-shyamala-gopinath-deputy-governor-rbi-111062100091_1.html Shyamala Gopinath on Post Retirement Life]
* Profile – [http://articles.economictimes.indiatimes.com/2004-10-08/news/27418170_1_deputy-governor-shyamala-gopinath-rbi Shyamala Gopinath]
* Interview – [http://forbesindia.com/interview/exit-interview/shyamala-gopinath-banks-have-to-increase-trust/26812/1 Shyamala Gopinath]

{{HDFC Group}}
{{DEFAULTSORT:Gopinath, Shyamala}}
[[Category:1949 births]]
[[Category:Living people]]
[[Category:Indian women bankers]]
[[Category:Indian bankers]]
[[Category:Central bankers]]
[[Category:Indian chairpersons of corporations]]
[[Category:University of Mysore alumni]]
[[Category:Businesspeople from Mysore]]
[[Category:Businesswomen from Karnataka]]
[[Category:20th-century Indian businesswomen]]
[[Category:20th-century Indian businesspeople]]
[[Category:HDFC Group]]

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Shyamala Gopinath