RBI approves reappointment of Shyam Srinivasan as Federal Bank MD & CEO1 min read . Updated: 17 Jul 2020, 09:00 AM IST
- Reserve Bank of India has approved the reappointment of Shyam Srinivasan as the MD & CEO of the Federal Bank
Reserve Bank of India (RBI) has approved the reappointment of Shyam Srinivasan as the MD & CEO of the Federal Bank, w.e.f. September 23, 2020 (the completion of the present term of office) till September 22, 2021. The bank received the approval on July 16.
In a corporate filing, the bank mentioned, "As required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015), we wish to inform you that the approval from Reserve Bank of India has been received on July 16, 2020 for the reappointment of Mr. Shyam Srinivasan as the MD & CEO of the Bank, w.e.f. September 23, 2020 (the completion of the present term of office) till September 22, 2021 alongwith remuneration as proposed by the Bank."
Federal Bank announced its unaudited financialresults for the quarter ended June 30, on Wednesday. The bank's net profit rose 4.3% to ₹401 crore year on year and 33% quarter on quarter.
The bank's net interest income rose 12.3% Y-O-Y to ₹1,296 crore in quarter ended June 2020 over ₹1,154 crore in the same quarter last year. Other income grew 24.7% YoY to ₹488.37 crore for Q12020 against ₹391.52 crore for the Q12019.