Federal Bank gets RBI nod to reappoint Shyam Srinivasan as MD, CEO

Federal Bank on Friday said it has received the Reserve Bank of India’s approval for the reappointment of Shyam Srinivasan as Managing Director and Chief Executive Officer till September 22, 2021.

Srinivasan took charge as MD and CEO of the bank on September 23, 2010.

In a regulatory filing, Federal Bank informed stock exchanges that it received RBI’s nod on “July 16, 2020, for the reappointment of Shyam Srinivasan as the MD and CEO of the bank, with effect from September 23, 2020, (the completion of the present term of office) till September 22, 2021 along with remuneration as proposed by the bank".

He had joined the bank, equipped with the experience of over 20 years with leading multinational banks in India, Middle East and South East Asia. He has significant expertise in retail lending, wealth management and small and medium enterprises (SME) banking.

He is an alumnus of the Indian Institute of Management, Kolkata, and Regional Engineering College, Tiruchirapally.

Federal Bank stock traded at Rs 51.75 apiece on BSE, down 0.58 percent from its previous close.