 "Dhanlaxmi Bank")
The Reserve Bank of India (RBI) has approved Dhanlaxmi Bank’s proposal of continuing with JK Shivan as managing director and chief executive officer till a successor assumes charge, the lender informed the exchanges.
Shivan’s term would have ended on January 29, 2024.
The reason behind allowing Shivan to continue is that he is the only wholetime director on the board of the bank. A similar approach was taken in the case of Tamilnad Mercantile Bank after its managing director and chief executive officer S Krishnan resigned, who was asked to continue till a new chief executive officer takes charge.
Dhanlaxmi further said that the board has already approved a panel of candidates for the chief executive officer position and has sought the regulator's approval.
“The Board of Directors of the Bank has already approved a panel of candidates for the position of the managing director and chief executive officer of the Bank. As per the extant RBI norms, the Bank has already submitted its application to the Reserve Bank of India with the names of the candidates seeking approval for the appointment of the new managing director and chief executive officer,” the exchange filing said.
The Thrissur-based lender started to find a successor for Shivan in November with a newspaper advertisement.
