The Reserve Bank of India (RBI) has approved the appointment of KVS Manian as  managing director and chief executive officer of Federal Bank for a period of three years.

Manian, who was the joint managing director of Kotak Mahindra Bank until 30 April, will take charge from 23 September. He will succeed Shyam Srinivasan who was the CEO of the bank since 2010 and will retire on 22 September.

Earlier this year, the RBI turned down Federal Bank board’s proposal seeking a one-year tenure extension for Srinivasan and asked for more names. 

At Kotak Mahindra Bank, Manian was spearheading corporate banking, commercial banking, private banking and asset reconstruction businesses. Prior to that, he was the head of consumer banking.

Manian was one of the potential candidates to succeed Uday Kotak who stepped down in September 2023. The RBI, however, approved Ashok Vaswani’s appointment as the MD and CEO of Kotak Mahindra Bank. Manian was elevated to the joint MD position in February but resigned in April.