Baskar Babu Re-Appointed as Suryoday Bank’s Chief for 3 Years
Baskar Babu Re-Appointed as Suryoday Bank’s Chief for 3 Years: Baskar Babu Ramachandran has been reappointed by the Reserve Bank of India (RBI) as the MD and CEO of Suryoday Small Finance bank for a period of three years beginning on January 23, 2023. The founder of the bank, Baskar Babu Ramachandran sold the bank’s 50 lakh shares on 16th December for ₹55.44 crores to close a loan for exercising warrants to maintain the promoter’s stake at the minimum of 26 percent for the first 5 years.
December 2022 Current Affairs Quiz
Baskar Babu Re-Appointed as Suryoday Bank’s Chief for 3 Years- Key Points
- • After the aforementioned same, Baskar Babu Ramachandran holds 63,01,911 shares, or 5.94 percent of the total, of which 62.40 lakh shares are pledged.
- The bank was originally incorporated as Suryoday Micro Finance Pvt Ltd in Chennai in 2008.
- • In 2015, the bank changed its legal status to become a public limited company under the name Suryoday Micro Finance Ltd.
- Suryoday Micro Finance was granted in-principle and final approval to establish an SFB by the RBI.
About Suryoday Small Finance Bank
A scheduled commercial bank is Suryoday Small Finance Bank. Through its 565 banking branches, the bank is widely present throughout 13 Indian states and UTs. The bank has reported a net profit of Rs 13 crore in Q2 FY22 as against a net loss of Rs 1.92 crore.