This is further to our letters dated 2nd April 2018 and 9th April 2018, on the captioned subject.
In this connection, please note that in terms of extant RBI norms and the Succession Planning Process of the Bank, the Board of Directors of the Bank at its meeting held on 9th July 2018, has recommended the names of three candidates, in order of preference, for the approval of the RBI. The candidate as approved by the RBI, will succeed Smt. Shikha Sharma, whose term as the Managing Director & CEO of the Bank, is due to expire on 31st December 2018.
Further please note that, as mandated under the extant RBI norms, the Bank will be submitting its application in respect of the recommendations relating to the said appointment, for the approval of the RBI.
Needless to state that on receipt of the RBI approval, the Bank shall forthwith make the requisite disclosures to the Stock Exchanges, in terms of Regulation 30 of the Listing Regulations.