Utkarsh SFB receives RBI approval to reappoint Govind Singh as MD &CEO

10 Jul 2024 , 09:38 AM

Utkarsh Small Finance Bank announced on July 8 that it has secured approval from the Reserve Bank of India (RBI) to reappoint Govind Singh as Managing Director and Chief Executive Officer.

The RBI’s letter dated July 8, 2024, extends Singh’s tenure for three years, effective from September 21, 2024, as disclosed in a stock exchange filing. This reappointment follows earlier communications on January 27, 2024, and discussions during the bank’s 8th Annual General Meeting for FY 23-24.

At the time of writing on July 10, 2024 at 9:32 am shares of Utkarsh Small Finance Bank is currently trading at ₹50 which is a 0.20% surge than the previous close. Utkarsh Small Finance Bank stock has gained a total of 6.04% in the last one year, and witnessed a dip of 4.59% since the beginning of the year.

Utkarsh Small Finance Bank Limited, previously known as Utkarsh Micro Finance Private Limited, is an Indian scheduled commercial bank regulated by the Reserve Bank of India under the Banking Regulation Act, 1949.

The bank obtained its inclusion in the Second Schedule to the Reserve Bank of India Act, 1934, through an RBI notification on October 4, 2017, followed by a Gazette Notification on November 7, 2017.

This regulatory recognition underscores Utkarsh Small Finance Bank’s compliance with RBI standards and its status as a licensed financial institution in India.