Reserve Bank of India (RBI) has approved the reappointment of Baskar Babu Ramachandran as the MD & CEO of Suryoday Small Finance bank for three years effective from 23rd January 2023. The founder of the bank, Baskar Babu Ramachandran sold the bank’s 50 lakh shares on 16th December for ₹55.44 crores to close a loan for exercising warrants to maintain the promoter’s stake at the minimum of 26 percent for the first 5 years.
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Baskar Babu Re-Appointed as Suryoday Bank’s Chief for 3 Years- Key Points
- Baskar Babu Ramachandran holds 63,01,911 shares amounting to 5.94 percent after the aforementioned same of which 62.40 lakh shares are pledged.
- The bank was originally incorporated as Suryoday Micro Finance Pvt Ltd in Chennai in 2008.
- The bank subsequently converted into a public limited company as Suryoday Micro Finance Ltd in 2015.
- Suryoday Micro Finance was granted in-principle and final approval to establish an SFB by the RBI.
About Suryoday Small Finance Bank
Suryoday Small Finance Bank is a scheduled commercial bank. The bank has a widespread presence across 13 states and UTs across India through its 565 banking outlets. The bank has reported a net profit of Rs 13 crore in Q2 FY22 as against a net loss of Rs 1.92 crore.