Ajit Kumar KK appointed as MD and CEO of Dhanlaxmi Bank

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Reserve Bank of India approved Ajit Kumar KK as Managing Director and CEO of Dhanlaxmi Bank.

An Overview of the News

• The appointment of Ajit Kumar KK is for a tenure of three years, starting from the date he assumes charge.

• The appointment follows the approval of extended tenure for outgoing MD and CEO, JK Shivan, until his successor takes charge.

• Shivan's term was originally scheduled to end in January 2024.

Kumar's background:

• Ajit Kumar KK has 36 years of banking experience primarily from Federal Bank Limited.

• Currently working as President and Chief Human Resources Officer at Federal Bank Limited.

• Awarded the Gold Award for HR Leader of the Year by the Economic Times Human Capital Awards.

• Additionally, Kumar serves as the Director of Federal Operations and Services Limited, a subsidiary of Federal Bank Limited.

Approval Process:

• Kumar's candidature was recommended to the RBI along with other candidates for the post of MD and CEO.

• The board of the bank will meet to confirm the appointment and secure shareholder approval as per the rules.

About Reserve Bank of India (RBI)

• It acts as the central bank of India and the regulatory authority that oversees the Indian banking sector.

• It is operated under the ownership of the Ministry of Finance of the Government of India.

• The primary responsibilities of the RBI include regulating and supervising the Indian financial system to ensure stability and efficiency.

• One of its major functions is to control the issuance and circulation of the national currency, the Indian Rupee.

• RBI is entrusted with the task of managing and maintaining adequate supply of currency in the economy to facilitate smooth transactions and economic activities.

Location: Mumbai, India

Established: 1 April 1935

Governor: Shaktikanta Das