RBI approves Baskar Babu’s re-appointment as Suryoday Bank’s Chief for 3 years

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The Reserve Bank of India has approved the re-appointment of Baskar Babu Ramachandran as MD & CEO of Suryoday Small Finance Bank for three years with effect from January 23, 2023.

Important facts

• Prior to co-founding Suryoday Micro Finance Pvt Ltd, he held various positions with various companies including GE Capital Transportation Financial Services Ltd, HDFC Bank Ltd.

• Suryoday Small Finance Bank (Suryoday SFB) is a scheduled commercial bank.

• The Bank was originally incorporated as Suryoday Micro Finance Pvt Ltd at Chennai in 2008 and subsequently got converted into a public limited company as Suryoday Micro Finance Ltd in 2015.

• The SFB commenced its business with effect from January 23, 2017.

• The bank has a wide presence across 13 states and UTs across India through its 565 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha.

• The bank reported a net profit of Rs 13 crore in Q2 FY23 as against a net loss of Rs 1.92 crore in Q2 FY22. 

• Total income rose 14.1% year on year to Rs 305.70 crore in Q2 FY23.