Mumbai: Private sector lender IndusInd Bank Ltd on Friday said that it had received regulatory approval to reappoint Romesh Sobti as the managing director and chief executive officer for a period of three years.

“Reserve Bank of India (RBI) have conveyed approval for the reappointment of Romesh Sobti as managing director and CEO, for the period 1 February 2015 to 31 January 2018," the bank said in a statement on the BSE.

The bank’s board of directors had given its approval for the reappointment on 13 October, the statement said.

According to a Mint report on 30 June, IndusInd had earlier short-listed four executives as probable candidates to succeed Sobti at the bank, who would have retired on 31 January 2015. Sobti, who has held the top position at IndusInd since February 2008, has been credited with turning around the bank from a sleepy private sector lender to become a top pick for investors in the last six years.

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