The Reserve Bank of India has approved the appointment of Ajith Kumar K.K as the Managing Director & CEO of Dhanlaxmi Bank for three years with effect from the date of taking charge.

Presently, Kumar is the Chief Human Resources Officer in Federal Bank in the cadre of President.

The private sector bank, in a regulatory filing, said a meeting of its Board of Directors will be convened in due course to approve the aforementioned appointment. Approval of the shareholders will be obtained thereafter as per the regulatory provisions.

Kumar has over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc.

In January 2024, the RBI had conveyed its approval for extending the term of J K Shivan as Managing Director & CEO of the Bank till his successor assumes the office.

The appointment of Kumar comes at a time when the Bank is planning a Rights Issue of up to ₹300 Crore (including premium) to the eligible Shareholders.