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RBI directs Federal Bank to submit two new names for MD and CEO

This development comes on the heels of the Federal Bank's earlier request to the RBI in Oct, 2023, seeking a one-year extension for Shyam Srinivasan, who has been at the helm since 2010 and so has over one year left of the permissible term limit of 15 years. Shares of Federal Bank Ltd ended at ₹154.65, down by ₹0.15, or 0.097%, on the BSE.

By Jomy Jos Pullokaran Jan 5, 2024 5:40:07 PM IST (Updated)

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The Reserve Bank of India (RBI) has asked the private lender Federal Bank to submit a fresh proposal containing a panel of at least two new names for the position of managing director and chief executive officer, the Kerala-based bank said on Friday (January 5).

"In this connection, the bank is advised to submit a fresh proposal containing a panel of at least two fresh names, in order of preference, for appointment as MD and CEO of the bank having regard to the likely tenure of the candidate and the longer term requirements of the bank," the communication from the RBI said.

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This development comes on the heels of the Federal Bank's earlier request to the RBI on October 6, 2023, seeking a one-year extension for Shyam Srinivasan. The request was made in light of the RBI's permissible limit of 15 years on the term of an incumbent MD and CEO, as Srinivasan has been at the helm since 2010.

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