The Reserve Bank of India (RBI) has asked Federal Bank to submit at least two new names for the top post even as the Kerala-based private lender wrote to the central bank on 6 October seeking a one-year extension for the current managing director and CEO Shyam Srinivasan.

The RBI has apparently not approved the re-appointment of Srinivasan whose three-year term ends on 22 September this year. He will complete 14 years as the bank’s MD & CEO during this period. He had one year left of the permissible limit of 15 years for a bank chief executive.

“The bank is advised to submit a fresh proposal containing a panel of at least 2 fresh names, in order of preference, for appointment as MD & CEO of the bank having regard to the likely tenure of the candidate and longer term requirements of the bank," the RBI communicated to Federal Bank in a letter dated 4 January.

Federal Bank said it had written to RBI on 6 October seeking a one-year extension for Srinivasan.