The choice was taken within the ninetieth Annual General Meeting of shareholders of Federal Bank which was carried out via video conferencing on Friday.
The financial institution streamed it dwell on 4 social media platforms – Facebook, YouTube, Twitter and Clubhouse.
Addressing the AGM, Srinivasan mentioned the financial institution’s digital improvements of right now are on the cusp of redefining the banking paradigm of tomorrow.
“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 FIRST CHOICE for Indians,” he mentioned.
Srinvasan’s reappointment will come into impact from September 23 this yr to September 22, 2024.
He took over as the CEO of the financial institution on 23 September 2010.
A launch issued by the financial institution mentioned the approval of shareholders was hunted for adopting audited monetary statements of FY 2020-21.
The assembly additionally handed different resolutions together with declaration of dividend of 35 per cent to the shareholders, approval of issuance of fairness shares on preferential foundation and elevating of Tier I Capital of the Bank via Issuance of securities amongst others.
The AGM’s approval was additionally hunted for revision of tenure of one of the Joint Statutory Central Auditors, the appointment and fixation of remuneration of department auditors in session with the Statutory Central Auditors and different essential appointments.
The assembly was presided over by Bank’s Chairperson Grace Elizabeth Koshie and joined by different Directors, shareholders, senior executives, representatives of Statutory Auditors and Secretarial Auditors of the financial institution.
In her tackle, Koshie remarked that the Bank led by its twin concentrate on digital enablement and other people empowerment, supported by operational energy, navigated the unprecedented challenges in the course of the yr to “deliver exceptional numbers”.