Home >Industry >Banking >Dhanlaxmi Bank chairman resigns 8 months before end of tenure
Photo: Pradeep Gaur/Mint (Pradeep Gaur/Mint)
Photo: Pradeep Gaur/Mint (Pradeep Gaur/Mint)

Dhanlaxmi Bank chairman resigns 8 months before end of tenure

  • The bank said in a regulatory filing on Monday that the Krishnan has resigned with effect from 29 June, citing personal reasons

MUMBAI :

Kerala-based private sector lender Dhanlaxmi Bank said on Monday that Sanjeev Krishnan, part-time chairman and independent director has resigned from his role, with eight months of his term still remaining.

The bank said in a regulatory filing on Monday that the Krishnan has resigned with effect from 29 June, citing personal reasons. He was appointed on the board of the bank in February 2018.

Speaking to Mint over phone, Krishnan said that the Reserve Bank of India (RBI) had appointed him to effect a turnaround in the bank and he has now resigned after the bank made profit of 65.78 crore in FY20.

“I was appointed for a very specific purpose, which I now think I have been able to achieve and therefore did not want to continue in my post," said Krishnan.

The bank posted a net loss of 2.6 crore for the three months to March 2020, down from 27.6 crore in the same period last year, owing to higher provisions.

According to Dhanlaxmi Bank’s website, Krishnan has handled large credits and projects and internal audit at State Bank of India (SBI) at the Republic of Maldives from 1998 to 1999. He was also the vice-president at SBI Toronto, Canada from 2000 to 2003 and also stand-by dealer in forex transactions. He was with the State Bank group since 1977.

Interestingly, the bank recently appointed a new chief executive. Sunil Gurbaxani was appointed as managing director and chief executive of the bank for a period of three years with effect from 27 February 2020. Gurbaxani has more than three decades of banking experience with State Bank of Bikaner & Jaipur (SBBJ) and Axis Bank.

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