Deepak Jagkar

In my role as Head of Operations, I oversee Wealth Operations, Service Delivery, and Leading Digital Projects for the second largest public sector bank in India. With over 8, 500 branches nationwide, we serve a client base of 17 crore accounts. The WMS department of the bank is dedicated to serving the affluent segment of clients. My key focus areas are: Overseeing client onboarding and investment operations, I manage a portfolio of 72, 000 clients with a combined asset under management (AUM) of INR 13, 000 crore. Lead a team of five in the client servicing desk within the Wealth Management Services (WMS) department, to drive key projects within the WMS department, including investments, capital markets, and insurance business. Spearheaded the launch of our Digital Investment Platform, Smart Invest. This comprehensive solution seamlessly integrates with BoB internet and mobile banking. Guiding the migration of our investment back-office system from Miles to the new Optimum platform was a significant undertaking. This included transferring client data, transactions, systematic investment plans (SIPs), systematic transfer plans (STPs), systematic withdrawal plans (SWPs), and AUM. Successfully transitioning 45, 000 clients and their investments from the agency model and Miles back office to the BSE Star Exchange platform marked a major achievement. Launching our digital insurance platform, Smart Insure, was another milestone. This user-friendly platform, accessible via both desktop and mobile applications, offers life and non-life insurance products. Integrating a Do It Yourself (DIY) journey with mobile and internet banking further enhances customer experience. Successfully completed the compliance requirements of obtaining Self Network Platform (ISNP) and obtained the ISNP license from IRDAI Played a pivotal role in establishing and streamlining the insurance operations team, overseeing processes such as application processing, management information system (MIS), lead management, propensity analysis, and insurance commission generation. This encompassed life, non-life, and general insurance. Leading the end-to-end migration of our Demat business from BoB (Banking entity) to BoB Capital (Securities entity) was a complex yet successful endeavor. This involved migrating six DP IDs across Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL), serving a customer base of 2 lakh with a combined AUM of INR 27, 000 crore. Establishing a dedicated Service Delivery Team to address customer and branch queries, as well as providing online support for our investment and insurance platforms, has significantly enhanced our operational efficiency. Actively involved in setting up a call centre tailored to the needs of our wealth clients, facilitating both inbound and outbound communication channels.

Deepak Jagkar has worked in India Private Sector, Public Sector and Multinational Bank over a period of 22 years. Currently he heads Wealth Management Operations for Bank of Baroda. Has a very wide and deep exposure and understanding of Capital Market functioning and regulatory compliances for various business of securities markets. Leading the Wealth Management Operations including Insurance Operations and Digital Projects for the Wealth Management Services.
Worked with HDFC Bank clearing Operations, IndusInd Bank NRI Services and Yes Bank Wealth/Depository Operations since 2001 till 2008.
From Dec 2008 till Jun 2023, he has led various teams setting up new processes and key projects in Barclays. Barclays do private banking business in India under 4 legal entities i.e. Barclays Bank (Banking), Barclays Securities India Pvt Ltd (Securities entity), Barclays Investment and Loans Ltd (NBFC) and Barclays Wealth Trustees India Pvt Ltd (Trust and Fiduciary). He was managing the team of 35+ members and leading investment Operations for Barclays in India and supporting business to manage the operations for 5 regulatory licenses i.e. Broking, PMS, Investment Advisory, Distribution of Third-Party Products and Depository. Also, member of the Barclays India Operations Leadership team, Barclays India Operations and Controls Committee and entity Board meetings.
In Jun 2023 joined Bank of Baroda as Head of Operations managing the entire Wealth Operations, Service Delivery and Leading Digital Projects of the Bank. Bank of Baroda is the 2nd largest public sector bank India having 8500+ branches across India and holding bank accounts of 17 crores clients. Bank of Baroda has presence in 24 countries outside India. The WMS department of the bank is dedicated to serving the affluent segment of clients.
o Leading the operations of client onboarding and investment operations. Managing a total of 72K clients with total AUM of INR 13000 cr.
o Apart from Operations, leading the client servicing desk of WMS department of 5 members.
o Leading key projects of WMS department (Investments, Capital Market and Insurance business)
o Digital Investment Platform (Smart Invest) - Comprehensive Investment Management Solutions - Launched digital investment Application, Integration with BoB internet and mobile banking.
o Migration of investment back-office system to new system - Lead the migration of back-office system (Miles) to new platform (Optimum) including migration of clients, transactions, SIP/STP/SWP and AUM. Successfully migrated 45K clients and their existing investments from agency model and Miles back office to Exchanged platform (BSE Star).
o Digital Insurance Platform - Launched the assisted journey of digital insurance platform (Smart Insure) for life insurance and Non-Life Insurance Products on Tabit and Desktop based applications. Do It Yourself (DIY) journey integration with mobile banking and internet banking, Applied for Insurance Self Network Platform (ISNP) license to IRDAI.
o Designed processes and set up the Insurance operations team for the Bank which includes application processing, MIS, Lead Management, Propensity and insurance commission generation and reconciliation across Life Non Life and General Insurance.
o Demat business migration - Led end to end Demat business migration project- Migration of Demat business from BoB (Banking entity) to BoB Capital (Securities entity). Total 6 DP Ids across CDSL and NSDL and AUM INR 27000 Cr of 2 lacs customers
o Set up of Service Delivery Team to service customer and branches queries, online support on trouble shooting for Investment and Insurance platform.
o Working on call centre project - Setting up call centre for Wealth Clients supporting inbound and outbound calls.

I head a team of 30+ members to provide high-level support to 5 regulatory licences across 3 legal entities including Investment Operations (Mutual fund, AIF, PMS, UHNW Products), Portfolio Management Service (PMS), Broking - Wealth and Institutional Broking, Depository (DP), Trust Ops, and Reconciliation & Business Support Manage the Back Office Operations for the Trading Desk, Product and Investment Office, and Trust Business for UHNW Family Offices across multiple legal entities, as well as support 120+ Trust Structures and 175+ PMS clients with a combined AUM of INR 2700 Crores covering 1500+ families with 15k+ transactions per year, and INR 50k Cr in AUM. Work with the Business and Product teams to plan and launch new products and services, such as the NRI PIS product in 2010, the DIH product, and the QDP and FPI products. Analyze and study regulatory changes, train internal staff, and ensure timely and accurate implementation across all desks while adhering to various guidelines. Identify key parameters to improve the client experience and work with Business Delivery, Technology, and Front Office to carry out various projects that ensure client satisfaction, retention, and referral. Lead the team to provide world-class reporting to UHNW family offices while ensuring accuracy and research capabilities. Increase the scale of operations by mobilising HVO projects (high-value opportunities) while adhering to strict budgets and deadlines. Coordinate with Private Bank regional stakeholders on MIS submissions, resourcing, and CCO partners, and ensure business rigour on various internal submissions to global stakeholders such as RCSA, CMA reporting, and Snap checks. Manage regulatory and internal audits (MF Distribution, PMS, Broking and Depository) in the Operations domain.

Established strong systems and processes while leading an 8-person team to assist with Depository Operations and Account Opening (Investment, PMS, Broking, KYC registration with KRA, CKYC etc, and Recon). Undertook extensive planning and set up the NRI Portfolio Investment Scheme (PIS) process through Barclays banking entity, as well as migrated NRI accounts from another bank to Barclays. Effectively mobilised cross-functional teams and implemented the KYC Registration process (KRA/CKYC), as well as assisted the Business team in the completion of client-facing documents.

Designed and implemented Depository Operations processes throughout the bank, as well as trained team members on various aspects of operations. Managed all internal and regulatory audits effectively to ensure zero non-compliances. Oversaw NRI Operations, which included Portfolio Investment Services (PIS) and Tax Operations. Managed the Broking Risk desk independently and ensured high service quality levels.

Depository Services, NRI desk & Private Wealth Management Operations
Spearheaded the Depository Operations department, including the implementation of all regulatory changes and the training of branches and product teams. Set up and managed NRI PIS and was the single point of contact for NRI Operations. Handled regulatory compliance for NRIs, including NRD CSR, Stat 5 and Stat 8, LEC reporting, and assisting the Compliance team in filling various NSDL returns. Provided assistance to the Private Wealth Management team in the areas of third-party products and insurance (Bancassurance).

Responsible for providing NRI clients with efficient and timely service, including the opening of NRI/FCNR and current accounts. Handled PIS accounts and current accounts (OCBs) for the primary and secondary markets, including obtaining necessary permissions from the Reserve Bank of India (RBI) and reporting to the RBI for Portfolio Investment Services transactions. Managed the departments correspondence, including e-mail communication with high-net-worth customers, handling inquiries for the opening of FCNR/NRE/NRO accounts, and assisting the London / Dubai Representative offices.

Supported Correspondent Banking Operations by handling and processing inter-bank instruments received from customers toward funding and clearing of At Par cheques issued by scheduled commercial banks/cooperative banks.