Federal Bank CEO re-appointed

Federal Bank shareholders have approved the motion of re-appointment of Shyam Srinivasan as managing director and chief executive officer (CEO) of the federal bank.

Highlights

• He has been re-appointed CEO for a period of three years, which will come into effect from September 23, 2021 till September 22, 2024.
• Reserve Bank of India (RBI) approved his reappointment on July 09, 2021.

90th annual general meeting of Federal Bank

• During the meeting Shyam Srinivasan said, I had defined Simple, digital, contactless in 2020 to be the cornerstones of our strategic focus for FY 2020-21. This motto turned out to be corner stone in becoming the first choice for Indians.
• Shareholders of Federal Bank voted on adoption of audited financial statements of fiscal year 2020-21, declaration of 35% dividend for shareholders.
• They also presented approval of issuance of equity shares on preferential basis, and raising tier-I capital of bank through issuance of securities.

Federal Bank Limited

It is a major Indian commercial bank in Private Sector. It is headquartered in Aluva, Kochi. It has more than 1,200 branches across different states in India. It has also set up Representative Offices at Abu Dhabi, Kuwait, Qatar, Oman and Dubai. It has a customer base of over 10 million, comprising of 1.5 million NRI customers. This bank handles more than 15% of India’s total inward remittances in 2018. This bank is also listed in BSE, NSE and London Stock Exchange. It has a branch in first International Financial Services Centre (IFSC) of India at GIFT City.

Shyam Srinivasan

He was given charge as Managing Director & Chief Executive Officer of Federal Bank Ltd on September 23, 2010. He is equipped with experience of over 20 years with leading multinational banks across India, Middle East and Southeast Asia.

Month: Current Affairs - July, 2021