RBI approves Meena Hemchandra as part-time chairman of Karur Vysya Bank

Private sector lender Karur Vysya Bank on Tuesday said the Reserve Bank of India (RBI) has approved the appointment of former RBI executive Meena Hemchandra as part-time chairman of the bank for three years.

In May, the bank had recommended Hemchandra's candidature for the position of non-executive independent (part-time) chairperson of the bank to the RBI for approval.

"We wish to inform...Reserve Bank of India vide their letter dated July 11, 2022, accorded their approval for the appointment of Meena Hemchandra as part-time chairman of the bank," Karur Vysya Bank said in a regulatory filing.

Term of Hemchandra (64) is approved for a period of 3 years with effect from the date of taking charge, it added.

She is a career banker with over 35 years of banking experience in various departments of the RBI.

Hemchandra was the Executive Director of RBI from June 2015 to November 2017.

Shares of Karur Vysya Bank traded at Rs 47.40 apiece on BSE, down by 0.63 per cent from the previous close.