Federal Bank shares rose by 3% on Tuesday following the announcement that the Reserve Bank of India (RBI) has approved the appointment of Krishna Venkat Subramanian as the bank’s new Managing Director and Chief Executive Officer.
Subramanian’s appointment will take effect from September 23, 2024, for a period of three years. He will succeed Shyam Srinivasan, who is set to retire in September.
Federal Bank, in a filing with stock exchanges, stated, “Based on our application made to the Reserve Bank of India (RBI) on May 06, 2024, for its approval for the new Managing Director & Chief Executive Officer of the bank, the RBI has approved the appointment of Krishnan Venkat Subramanian as the Managing Director & Chief Executive Officer of the bank for a period of three years, with effect from September 23, 2024 after the expiry of the term of the current Managing Director & CEO on September 22, 2024.”
As of now, Federal Bank shares are trading 3.08% higher at ₹198.88 on the NSE.
