Bank hopeful to find new MD&CEO within 4 months
KOCHI: Dhanlaxmi Bank has formed a Committee of Directors to exercise the powers vested with the Managing Director & CEO of the bank until a new head assumes charge.
The bank also said in a statement to the stock markets that the interim arrangement has been approved by the Reserve Bank of India (RBI).
The senior most officer of the Bank will look after the day to day functioning of the bank during the said period. “As advised by RBI, the interim arrangement will not continue beyond four months within which the bank will complete the process of identification and appointment of a new MD& CEO,” the Dhanlaxmi statement added.
The market was a bit confused about the timing of the resignation of MD & CEO as she had not been half way the full term of three years, and more importantly, the bank has been turning around with improvement in profit, decline in bad loans and having achieved solid provision coverage ratio (PCR) with one of industry’s highest at 89 per cent.
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