The Reserve Bank of India (RBI) has cleared the appointment of KN Madhusoodanan as a part-time chairman of Dhanlaxmi Bank.

The Kerala-based bank was without a chairman for 21 months, after G Subramonia Iyer resigned in December 2021 citing personal reasons.

Madhusoodanan, who has been an independent director with the bank since 2022, will be in his role as part-time chairman for a period of three years with effect from 26 September 2023.

Madhusoodanan has business interests in diverse fields and is the managing director of various private limited companies, including those in the MSME sector.