South Indian Bank shares in focus today as RBI approves PR Seshadri as next MD & CEO

Shares of South Indian Bank Ltd are in focus today after the lender said Reserve Bank of India (RBI) has approved the appointment of PR Seshadri as MD & CEO of the lender with effect from October 1. Seshadri will serve for a period of three years, said the bank in a notification to stock exchanges.

In the last session, the banking stock closed 0.38% lower at Rs 21.08 on BSE.

The stock hit an intraday high of Rs 21.65, rising 2.31% against the previous close of Rs 21.16 on BSE. Earlier, the stock opened flat at Rs 21.16 on BSE.

Total 78.91 lakh shares of the firm changed hands amounting to a high turnover of Rs 16.78 crore on BSE. Market cap of the bank fell to Rs 4,411.50 crore on BSE.

In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 58.6, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares have a beta of 0.8, indicating low volatility in a year. South Indian Bank shares are trading higher than the 5 day, 10 day 20 day, 50 day, 100 day and 200 day moving averages.

“A meeting of the Board of Directors of the Bank will be convened in due course, inter alia to approve the appointment of PR Seshadri as the Managing Director & CEO of the Bank and the approval of the shareholders shall be obtained thereafter as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations,” said the bank in a communication to the bourses.

Seshadri has served, among other positions, as Managing Director & CEO of The Karur Vysya Bank Limited (KVB), Managing Director & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore, Managing Director & Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director CitiFinancial Consumer Finance India Limited (CCFIL), India, Marketing Director, Citibank N.A, India Branches, Head of Structured Finance & Managing Director, CFRSIL & Integration Manager - Associates India Limited, Head of Banking Collections, Citibank N.A, India, Head of Automobile Finance -Northern India, Head of Community Banking, Northern India, and Mortgage Business, Head – Southern India, Citi India.

He is currently mentoring businesses both at an operating level as well as at the board level at various companies. He holds a Bachelor’s degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore.

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