Abhay Prasad Hota, a renowned banker with an impressive background, has been appointed as the part-time Chairman of Federal Bank. The Reserve Bank of India (RBI) has given its approval for his appointment, which will be effective from June 29, 2023, until January 14, 2026. Hota has been associated with the bank since January 15, 2018, serving as an independent director on its board.
Hota brings with him a wealth of experience, having spent 27 years at the Reserve Bank of India from 1982 to 2009. During his tenure at the RBI, he served as the Nominee Director to the Boards of Vijaya Bank and subsequently Andhra Bank. Notably, Hota played a pivotal role in establishing the National Payments Corporation of India (NPCI) and served as its Managing Director (MD) and Chief Executive Officer (CEO) from 2009 to 2017.
Hailing from Odisha’s Kalahandi district, Hota initially pursued studies in the field of science but later shifted to arts, obtaining a master’s degree in literature from Sambalpur University. His original aspiration was to join the Indian Administrative Service (IAS) and become a district magistrate. However, when he did not make it through the IAS selection process, he joined the government-owned Steel Authority of India (SAIL) in 1980, where he dealt with contract labor at the Durgapur steel plant in West Bengal.
Inspired by a friend who worked at the RBI, Hota joined the central bank’s office in Kolkata in September 1982, initially serving in the currency management division. Over the years, he held various positions, including manager in the technology department and project officer overseeing electronic payment projects. In 1999, he took charge of the RBI’s Mumbai clearing house operations. When the NPCI was established as the umbrella organization for retail payment systems in India, Hota was deputed from the RBI to join the NPCI in February 2009. He retired from his role at the NPCI in August 2017.
With his vast expertise and extensive contributions to the banking sector, Hota is well-prepared to take on his new responsibility as the Chairman of Federal Bank, further enhancing its position in the industry.
Prasanta Patnaik