Following reports that the Reserve Bank of India (RBI) approved Krishna Venkat Subramanian’s appointment as the bank’s new Managing Director and Chief Executive Officer, shares of Federal Bank increased by 3% on Tuesday.
Federal Bank, in a filing with stock exchanges, said, “Based on our application made to the Reserve Bank of India (RBI) on May 06, 2024, for its approval for the new Managing Director & Chief Executive Officer of the bank, the RBI has approved the appointment of Krishnan Venkat Subramanian as the Managing Director & Chief Executive Officer of the bank for a period of three years, with effect from September 23, 2024 after the expiry of the term of the current Managing Director & CEO on September 22, 2024.”
As of 10:47 am, Federal Bank shares were trading 2.78% higher at ₹198.30.
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