Kerala based private sector lender Federal Bank announced that the RBI has approved the re-appointment of Shyam Srinivasan as Managing Director and Chief Executive Officer of the bank for a period of three years with effect from September 23, 2021, till September 22, 2024.
In a regulatory filing, the bank stated, “We wish to inform you that the approval from Reserve Bank of India has been received on July 09, 2021 for the re-appointment of Mr. Shyam Srinivasan as the MD & CEO of the Bank for a period of three years with effect from September 23, 2021 till September 22, 2024.”
Srinivasan was first appointed as the Managing Director and CEO of the Federal Bank on September 23, 2010. He has completed a decade in the post through multiple re-appointments.
An alumnus of the Indian Institute of Management, Kolkata, and Regional Engineering College, Tiruchirapally, Srinivasan had joined the bank, equipped with the experience of over 20 years with leading multinational banks in India, Middle East, and Southeast Asia. He has significant expertise in retail lending, wealth management, and small and medium enterprises (SME) banking. With his re-appointment, the bank will be able to continue to leverage his deep expertise.
In June last year, 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 he belongs to the non-promoter group. It had then had approved the re-appointment of Shyam Srinivasan as the Managing Director and Chief Executive Officer of the bank till September 22, 2021.