Kerala-based private sector lender, Federal Bank. said on July 17 that the Reserve Bank of India (RBI) had approved the re-appointment of Shyam Srinivasan as the managing director and chief executive officer of the bank till September 22, 2021.
Srinivasan’s present term ends on September 23, 2020.
Srinivasan was first appointed as the Managing Director and CEO of Federal Bank on September 23, 2010. He has completed a decade in the post through multiple re-appointments.
In June, an RBI discussion paper on ‘governance in commercial banks in India’ had proposed to limit the tenure of the promoters of the bank as Chief Executive Officers (CEOs) and Whole Time Directors (WTDs) to 10 years if the person is from the promoter group and 15 years if from the non-promoter group.
Going by this, Srinivasan will have time till 2025 to continue as CEO. The RBI also proposed to limit the upper age limit for CEO/WTDs of banks at 70 years.
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