CSB Bank Announces New Managing Director & CEO Appointment Stock Surges up to 3%

CSB Bank Ltd (previously The Catholic Syrian Bank Ltd.) specialises in serving SME, retail, and NRI clients. It is one of India's oldest private sector banks, spanning more than 98 years.
The stock of CSB bank has been surging to the upside in the past few trading sessions, and recently on the announcement of the new CEO appointment, the stock's price went up to 3% on September 16, 2022.

CSB Bank Ltd had announced that the Bank's Board of Directors had approved the appointment of Pralay Mondal as the new CEO & Managing Director of the Bank. In a report to the Bombay Stock Exchange (BSE), the company mentioned 'Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), and in continuation to our letter no. SEC/117/2022 dated March 29, 2022, we wish to inform you that Reserve Bank of India ("RBI") vide its letter dated September 15, 2022, has conveyed its approval in terms of Section 35B of the Banking Regulation Act, 1949, for the appointment of Mr. Pralay Mondal as Managing Director & CEO of the Bank for a period of 3 (three) years with effect from the date of its approval i.e. from September 15, 2022. Accordingly, the Board of Directors of the Bank in its meeting held on September 15, 2022, on the recommendations of the Nomination and Remuneration Committee, has approved the appointment of Mr. Pralay Mondal Managing Director & CEO of the Bank'.

Further on to introduce Pralay Mondal, the company mentioned 'Mr. Pralay Mondal is the Deputy Managing Director of the Bank since February 17, 2022 and appointed as the Interim Managing director & CEO with effect from April 1, 2022, in the absence of a regular Managing Director & CEO in the Bank.' In the latest report to the exchange.