The Board of the Tamil Nadu-based bank had recommended Swaminathan in November 2015 for the post, subject to the approval of country's apex bank.
In a notification to stock exchanges today, Karur Vysya Bank said that RBI has conveyed its approval for Swaminathan's appointment as Non-Executive part-time Chairman for a three-year period.
Shares of the bank were trading at Rs 459.80 apiece, up by 2.57 per cent over previous close in afternoon BSE.
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