Mumbai: Reserve Bank of India (RBI) on Friday approved the removal of Shyam Srinivasan as the MD & CEO of the Federal Bank for three years with the effect of September 23 this year until September 22, 2024.
Srinivasan has been responsible for Kerala -Based Bank since September 23 2010 and have completed three terms as CEO.
Previous requests for the three-year term resulted in RBI approval until September 2021.
In April this year, the RBI came out with new regulations that limited the term of office of director and CEO all the time of 12 years.
The central bank said that in extraordinary circumstances, it might allow the CEO to continue up to 15 years.
“Equipped with more than 20 years of experience with the leading multinational bank in India, the Middle East and Southeast Asia, Srinivasan joined Bank as MD & CEO on September 23, 2010 and has become the longest MD & CEO after the founder of the Bank., Hormis Final Kp , “said the bank in a statement.
Overcoming shareholders at the AGM early on that day, Srinivasan said that the bank had taken several digital initiatives.
“We use a pandemic to serve simple and digital products to customers,” he said.
“We have integrated UPI payments with federal bank applications.
As a result, today is far more than 86% of our transactions occur digitally,” Srinivasan said.
The era of artificial intelligence is something that will be spread by a bank at FY22, he added.
According to Srinivasan, the bank pursued financial inclusion through the neo banking partnership.