RBI Approves Govind Singh’s Re-Appointment as MD & CEO of Utkarsh SFB

The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the Managing Director and Chief Executive Officer of Utkarsh Small Finance Bank (Utkarsh SFB). His new term will commence on September 21, 2024, and will last for three years.

Approval Details

The approval was communicated through an RBI letter dated July 8, 2024. The re-appointment had already been approved by the board of Utkarsh SFB during a meeting on January 27, 2024. Singh’s current term is set to end on September 20, 2024.

Stock Performance

As of July 10, 2024, at 9:32 am, shares of Utkarsh Small Finance Bank are trading at ₹50, a 0.20% increase from the previous close. The bank’s stock has seen a 6.04% increase over the past year but has experienced a 4.59% decline since the start of this year.

Bank’s Background

Utkarsh Small Finance Bank Limited, initially known as Utkarsh Micro Finance Private Limited, is an Indian scheduled commercial bank regulated by the Reserve Bank of India under the Banking Regulation Act, 1949. The bank was included in the Second Schedule of the Reserve Bank of India Act, 1934, via an RBI notification on October 4, 2017, followed by a Gazette Notification on November 7, 2017.