RBI appointed KN Madhusudanan as part-time chairman of Dhanalakshmi Bank

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KN Madhusudanan has been appointed part-time chairman of Dhanalakshmi Bank by the Reserve Bank of India (RBI) after a vacancy of 21 months.

An Overview of the News

  • Madhusudanan's appointment is effective from September 26, 2023 and is for a tenure of 3 years.

  • Prior to this role, KN Madhusudanan served as an independent director on the board of the bank with effect from November 9, 2022.

  • KN Madhusudanan took over as part-time Chairman from G Subramaniam Iyer.

  • G Subramonia Iyer, who also served as an independent director, resigned from his post in December 2021.

  • After Iyer's resignation, the bank remained without a chairman for 21 months.

Background of KN Madhusudanan:

  • KN Madhusudanan is currently the Managing Director of various private limited companies, including companies focused on Micro, Small and Medium Enterprises (MSMEs).

  • His career started in civil construction in 1983.

  • He founded the Maavanal Group of companies and established two crushing units, Maavanal Granites Private Limited and Vajra Rock Mining Industries in Pathanamthitta, Kerala.

  • He is also the Promoter and Managing Director of M/s Mawanal Granites Pvt. Ltd.

About Dhanlaxmi Bank

  • Established - 14 November 1927

  • Headquarters - Thrissur

  • CEO & MD - J. Of. Shivan

About Reserve Bank of India (RBI)

  • Established - 1 April 1935, Kolkata

  • Founder - British Raj

  • Governor - Shaktikanta Das

  • Headquarters - Mumbai, Maharashtra, India

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