The Reserve Bank of India (RBI) has approved the reappointment of Shyam Srinivasan as the managing director and CEO of Federal Bank for a period of three years.

The extended period starts from 23 September 2021 and ends on 22 September 2024.

Federal Bank received the approval from the RBI on 9 July 2021, it said in a regulatory filing to the exchanges.

Srinivasan, who had long stints in foreign banks, took over the Kerala-based bank as MD and CEO in 2010. During his decade-long guard, Federal Bank has transformed into a mid-sized private bank with strong focus on retail business, including gold loans and credit to small and medium entrepreneurs.

Laying emphasis on digital, Srinivasan has slowed down the growth of physical branches. During his first five years at Federal Bank, he added 600 branches. But in the last five and half years, he has added only 20 branches.

"Simple, digital, contactless this is what I had defined last year to be the cornerstones of our strategic focus for FY 2020-21, and a stepping stone in our journey to become the bank of the first choice for Indians," Srinivasan said during the 90th annual general meeting of the bank on Friday.