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Stock Report
The South Indian Bank Ltd announces change of Executive Director
Posted On : 2024-04-06 22:32:46( TIMEZONE : IST )
The Board of Directors of The South Indian Bank Ltd., in their meeting held on April 05, 2024 have considered and approved the name of the candidate for the position of Executive Director (Whole Time Director) in compliance with the Reserve Bank of India ("RBI") notification No. DOR.HGG.GOV.REC.46 /29.67.001/2023-24 dated October 25, 2023, including the terms of appointment. The appointment is proposed for a period of 3 years from the date of appointment by the Board subsequent to approval from the RBI.
As per the extant RBI norms, the Bank will be submitting the application to Reserve Bank of India in terms of Section 35B of the Banking Regulation Act, 1949, seeking approval for the appointment of the new Executive Director (Whole Time Director) of the Bank, and further disclosure in this regard will be made post receipt of communication / approval from the RBI.
The appointment including remuneration and terms of appointment are subject to the approval of Reserve Bank of India and shareholders of the Bank and the Bank will seek shareholders' approval in due course.
Mr. Vinod Francis, General Manager is appointed as Chief Financial Officer and Key Managerial Personnel of the Bank as defined under section 2(51) (iv) of the Companies Act, 2013, with effect from 08th April, 2024 and present CFO Ms. Chithra H, Senior General Manager has been transferred to take charge as Chief Compliance Officer (CCO) under Banking Regulations Act, 1949 in compliance with RBI Circular on Compliance function in banks (Ref. DBS. CO.PP.BC 6/11.01.005/2006-07 dated April 20, 2007) and RBI Circular on Compliance functions in banks and Role of Chief Compliance Officer (CCO) (Ref. DoS.CO.PPG./ SEC.02/ 11.01.005/2020-21 dated September 11, 2020).
Shares of The South Indian Bank Limited was last trading in BSE at Rs. 29.51 as compared to the previous close of Rs. 29.49. The total number of shares traded during the day was 3855797 in over 5040 trades.
The stock hit an intraday high of Rs. 29.94 and intraday low of 29.27. The net turnover during the day was Rs. 113703493.00.
