The Hindu Business Line : RBI observer at Federal Bank board meeting

THE meeting of the newly constituted board of directors of the Kerala based Federal Bank Ltd at its headquarters at Aluva on Monday, had a surprise visitor.An observer from RBI— a senior official from RBI's Tiruvanathapuram regional office,stayed put throughout the meeting, the first one held after the discordant annual general meeting of the bank last month.

Though the board was reined in by the High Court ruling from taking any decisions pertaining to policy matters, it could clear several pending credit proposals, said a bank official. The board also reviewed the bank's performance and cleared certain investment proposals, the official said.

All the eight board members including the Chairman attended the meeting.

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