The Indian financial sector is set to get a new look in the coming year, with close to a dozen banks and non-banking finance companies set to get a new chief executive, apart from a completely new look monetary policy committee of the Reserve Bank of India (RBI).
Shaktikanta Das, governor of RBI and the chair of the Monetary Policy Committee (MPC), will complete his six-year term in December 2024. Das, who was first appointed in December 2018 for three years, was reappointed in 2021 for another three years. Das will be the longest-serving RBI governor in almost seven decades once he completes his full term. A new government that will be formed in May 2024 will take a call on extending his term further.
Michael Patra, the deputy governor in charge of monetary policy and a member of the MPC, will see his current term ending in January 2024. The government extended his term for one year in January 2023.
Three external members of the MPC, Ashima Goyal, Jayanth Varma, and Shashanka Bhide, were appointed in October 2020. External members of the MPC have a term of four years, which is non-extendable. 2024 will see new external members of the MPC.
Another deputy governor, M. Rajeshwar Rao’s current term, will also end in October. His term was extended by one year in October 2023. It remains to be seen if the government decides to extend both the deputy governor’s term.
A host of public sector banks will see new faces at the top in 2024. Dinesh Khara, chairman of the State Bank of India, who got an extension in 2023, will complete his current term in August next year when he turns 63.
Another two managing directors & chief executive officers of public sector banks – Atul Kumar Goel of Punjab National Bank and SL Jain of Indian Bank – will see their current term end at the end of December 2024.
Among private sector banks, Kotak Mahindra Bank will get a new managing director & chief executive officer – Ashok Vaswani – who will assume charge in January 2024.
Private sector lender DCB Bank has formed a search committee to select a new CEO. The current managing director & chief executive officer, Murli Natrajan, will complete 15 years in April 2024. According to RBI norms, a person can be a CEO of a private bank for a maximum of 15 years.
Federal Bank managing director & chief executive officer, Shyam Srinivasan’s current term will end in September 2024. Srinivasan will complete 14 years and will be eligible to continue for another year.
Similarly, Jammu & Kashmir Bank’s managing director & chief executive officer, Baldev Prakash, will complete his first three-year term in December 2024 and will be eligible for extension.
Tamilnad Mercantile Bank’s managing director & chief executive officer, S Krishnan, resigned in September this year. Krishnan is continuing as CEO, and the bank is in the process of finding his successor.
Similarly, JK Shivan has resigned as managing director & chief executive officer of Dhanlaxmi Bank, and the bank is in the process of finding a new CEO. Shivan will be with Dhanlaxmi until January.
North East Small Finance Bank on Monday said veteran public sector banker SK Kalra will become the bank’s interim managing director & chief executive officer. Kalra will replace Rupali Kalita, who resigned recently.
Two non-banking finance companies will also see new faces at the helm – L&T Finance Holdings and Mahindra & Mahindra Finance. L&T Finance Holdings has announced its chief operating officer, Sudipta Roy, will take over from Dinanath Dubhashi as managing director & chief executive officer in January 2024. Dubhashi will continue to be a director on the board until he superannuates in April to ensure a smooth transition.
Similarly, Raul Rebello will take over as managing director & chief executive officer of Mahindra Finance from Ramesh Iyer in April after his retirement.
First Published: Dec 26 2023 | 4:29 PM IST