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Federal Bank has been asked by the Reserve Bank of India to submit names of two candidates to replace current Managing Director and CEO Shyam Srinivasan whose term ends on September 22, 2024, it said in a stock exchange filing on Friday.
“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 & CEO of the bank having regard to the likely tenure of the candidate and the longer term requirements of the bank,” RBI’s letter to Federal Bank said.
The private lender on October 6, 2023 had written to the RBI seeking a one-year extension for Srinivasan as MD & CEO of the bank with his current three-year term set to expire on September 22, 2024.
As per the RBI’s mandate, an incumbent MD & CEO has a permissible limit of 15 years on the term. Srinivasan has been Federal Bank’s MD & CEO since 2010.
(More to come)
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