The Reserve Bank of India (RBI) has asked Federal Bank to submit a fresh proposal comprising two fresh names for the position of Managing Director and Chief Executive Officer (CEO) of the bank.
In October 2023, the bank had written to RBI seeking a one-year extension for Shyam Srinivasan as the MD and CEO as his current three-year term ends on 22nd September, 2024.
However, on 4th January, the bank received a letter from the RBI to submit a fresh proposal comprising the names of at least two fresh candidates for the selection of a new CEO.
Following it, the bank’s board of directors, at its meeting yesterday, took the RBI’s letter on record and said that it will proceed accordingly.
Srinivasan was first appointed as MD and CEO of Federal Bank on 23rd September, 2010.
