Dhanlaxmi Bank has named Ajith Kumar K.K as its Managing Director (MD) and Chief Executive Officer (CEO) for a tenure of three years, following approval from the Reserve Bank of India (RBI). Ajith Kumar K.K, a seasoned banker with over 36 years of experience, notably with Federal Bank Limited, will assume the leadership role at Dhanlaxmi Bank.
The decision comes after the RBI’s directive for the incumbent MD & CEO, Shivan JK, to continue until the successor assumes charge. Shivan JK’s term was scheduled to conclude on January 29, 2024.
This move marks a significant transition for Dhanlaxmi Bank, which faced turbulence following the ousting of former CEO Sunil Gurbaxani in September 2020. The bank navigated a prolonged period without a chief, eventually appointing KN Madhusoodanan as part-time chairman in September 2023 after 21 months of vacancy since the resignation of G Subramonia Iyer in December 2021.
The bank’s board of directors will convene shortly to formalise Ajith Kumar K.K’s appointment, subject to shareholder approval as per regulatory requirements.
Ajith Kumar K.K’s extensive expertise in banking, spanning credit, human resources, branch banking, and more, positions him well to lead Dhanlaxmi Bank through its next phase of growth. As of now, the bank offers a range of personal banking services including savings accounts, loans, credit cards, and digital banking solutions.
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