MUMBAI: The Reserve Bank of India (RBI) on Friday approved the reappointment of Shyam Srinivasan as the MD & CEO of Federal Bank for three years with effect from September 23 this year till September 22, 2024.
Srinivasan has been in charge of the Kerala-based bank since September 23, 2010 and has completed three terms as CEO. An earlier request for a three-year term resulted in an RBI approval up to September 2021.
In April this year, the RBI came out with fresh regulations capping the tenure of whole-time directors and CEOs at 12 years. The central bank said that in extraordinary circumstances, it may allow the CEO to continue up to 15 years.
“Equipped with the experience of over 20 years with leading multinational banks in India, Middle East and Southeast Asia, Srinivasan joined the bank as its MD & CEO on September 23, 2010 and has become its longest-serving MD & CEO after the bank’s founder, late K P Hormis,” the bank said in a statement.
Addressing the shareholders in the AGM earlier in the day, Srinivasan said that the bank has taken several digital initiatives. “We used the pandemic to present simple and digital products to customers,” he said.
“We have integrated UPI payments with the Federal Bank app. As a result, today well over 86% of our transactions are happening digitally,” Srinivasan said.
The era of artificial intelligence is something the bank will propagate in FY22, he added. According to Srinivasan, the bank was pursuing financial inclusion through its neo banking partnerships.
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