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Mumbai: Federal Bank board has appointed Sankarshan Basu and Ramanand Mundkur as its additional non‑executive independent directors.

On Friday, the bank’s director K Balakrishnan had retired as independent director after completing a 3 year term.

With the new appointment, the private sector lender now has a 12 member board.

Basu is a professor of quantitative finance and risk management at IIM Bangalore. He has been involved in teaching, research, consulting and academic administration for more than 19 years covering areas in finance, financial markets, financial products, banking, clearing and settlement, risk management etc. Basu has specialisation in statistics and has been a Board member of The Clearing Corporation of India Limited, Bilcare Limited, BgSE Properties and Securities Limited and Bangalore Stock Exchange Limited.

Mundkur is a graduate from National Law School of India University having over twenty years of international work experience. He has worked as tax and legal practitioner with the global consulting firm Arthur Andersen till December 1997. Thereafter, he joined United Nations Compensation Commission in Geneva as a lawyer and assisted the UN Commission in assessing compensation to banks/ companies/ business that suffered losses due to first gulf war and worked with UN Commission until May 2001. Later, he joined International Monetary Fund in Washington DC in 2002 and worked till 2007 before setting up Mundkur Law Partners firm in 2007.

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