RBI okays reappointment of Shyam Srinivasan as MD & CEO of Federal Bank till Sept 2024

The Reserve Bank of India (RBI) on Friday approved the reappointment of Shyam Srinivasam as the Managing Director and Chief Executive Officer of Federal Bank for a period of 3 years.

As per a report by Bloombergquint, the now his tenure will be for three years with effect from September 23, 2021 to September 22, 2024.

Earlier last year, RBI had granted Srivansan an extension for one year.

Earlier, the 19th annual general meeting (AGM) of shareholders of Federal Bank was conducted on Friday.

The bank led by its twin focus on digital enablement and people empowerment, supported by operational strength, navigated the unprecedented challenges during the year to deliver exceptional numbers, the chairperson of the bank Grace Elizabeth Koshie said at the AGM.

"Simple, digital, contactless this is what I had defined last year to be the cornerstones of our strategic focus for FY 2020-21, and a stepping stone in our journey to become the bank of the first choice for Indians,"managing director and CEO of the bank Shyam Srinivasan said.

The digital innovations of the bank today are on the cusp of redefining the banking paradigm of tomorrow, he said.

The approval of shareholders was sought for adopting audited financial statements of the fiscal year 2020-21.

Other resolutions like declaration of dividend of 35 per cent to the shareholders, approval of issuance of equity shares on preferential basis and raising of tier-I capital of the bank through issuance of securities were also presented.

The approval of the AGM was also sought for revision of tenure of one of the joint statutory central auditors, the appointment and fixation of remuneration of branch auditors in consultation with the Statutory Central Auditors and other necessary appointments

Directors, shareholders, senior executives, representatives of statutory auditors and secretarial auditors attended the meeting.

The meet held via video was streamed live on four social media platforms - Facebook, YouTube, Twitter and Clubhouse.

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