The former CMD of Allahabad Bank, Shubhalakshmi Panse, has joined the board of directors of Federal Bank as an independent director. She was previously the executive director of Vijaya Bank. She was a member of the RBI-appointed committee on corporate governance and chairman of the Indian Banks Association Committee on Cheque Truncation System - National Archive. At present, she is the Chairman of the Quality Review Board of Indian Institute of Actuaries.

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