Federal Bank plans to present a roster of potential candidates for the managing director role to the RBI soon, though their identities remain confidential. Shyam Srinivasan, the managing director, confirmed the advanced stage of the selection process.
The bank informed the stock exchange late Tuesday evening that Manian has stepped down from his position to pursue other opportunities in the financial services sector. Manian, who spent 29 years with the bank, has resigned with immediate effect.
At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other opportunities in the financial services sector that he is currently exploring. Manian also stepped down from his position on the board of the bank.
The bank, which accepted Manian s resignation with immediate effect, was recently barred by RBI from onboarding new customers through its online portal and mobile app, and restricted from issuing fresh credit cards, due to serious deficiencies in its IT system.
Following Manian's exit, the Wholesale, Commercial and Private Bank will now report directly to Vaswani, while the Asset Reconstruction Division will report to Shanti Ekambaram, Deputy Managing Director.