Development Credit Bank (DCB) Limited, a leading commercial bank in India, has officially appointed Praveen Achuthan Kutty for a three-year term, effective from April 29, 2024.
The announcement follows the Reserve Bank of India's approval of Praveen's appointment, as detailed in an exchange filing: 'We wish to inform you that the RBI, through its letter dated January 16, 2024, has conveyed its approval for the appointment of Mr. Praveen Achuthan Kutty as the Managing Director and CEO of the Bank for a period of 3 (three) years, commencing from April 29, 2024. Please note that a meeting of the Board of Directors of the Bank will be convened shortly to approve the appointment of Mr Praveen Achuthan Kutty as the MD & CEO of the Bank. Subsequently, approval from the shareholders will be sought as per the applicable provisions of the Companies Act, 2013 & rules made thereunder, and the SEBI Listing Regulations.'
The current MD and CEO, Murali M Natrajan, will step down from his role on April 28, 2024, and Praveen will assume his responsibilities the next day. Natrajan, with over 15 years of service to the bank, informed the bank about his decision to step down from the role in June 2023. Thereafter, the bank formed a selection committee to search for his successor. The committee submitted the selected successor's names to RBI before Natrajan's term ended, and Praveen has now been approved as the successor for this role.
In his new role, Praveen brings over 32 years of industry experience. Currently, he is overseeing the bank’s Retail, SME, and Agri banking operations. He joined the bank in 2007 as the Executive Vice President & Head of Consumer Banking, playing a pivotal role alongside Natrajan, the current MD and CEO, and the leadership team.
Before joining DCB, Praveen spent over seven years at Citibank, where he served as Area Director of NRI Business, followed by Head of Portfolio Management for Citibank Credit Cards in Chennai. His core competencies include retail banking management, portfolio management, credit risk, asset management, commercial banking, risk management, cross-selling, and relationship management. On the academic front, he holds an MBA degree from BIT Tiruchirapalli.