Private sector lender IndusInd Bank on Thursday said its board has finalised a candidate for the post of managing director (MD) and chief executive officer (CEO) and the application has been moved to the RBI.
Pursuant to the recommendation of the nomination and remuneration committee (NRC), the board of directors of the bank at its meeting on Wednesday finalised a potential candidate for the position of MD & CEO, it said in release.
"As mandated under the extant RBI norms, the bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for the appointment of the new MD & CEO of the bank," it said.
On receipt of the RBI's approval, the bank shall duly make the requisite disclosures to the stock exchanges, it added.
Current MD & CEO Romesh Sobti is set to retire in late-March 2020, when he turns 70.
The banking regulator has stipulated 70 as the retirement age for managing directors at banks.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app