The Reserve Bank of India (RBI) has sanctioned the appointment of Ajith Kumar KK as the managing director and chief executive of Dhanlaxmi Bank for a duration of three years, stepping in for JK Shivan. 

Currently occupying the role of chief human resources officer at Federal Bank, Kumar brings to the table a wealth of experience spanning over 36 years in credit, human resources, business, and branch banking domains. Shivan, whose tenure reached its conclusion on January 29, was requested by the RBI to continue serving as the MD and CEO until a successor was appointed.

As per Friday's trading session, Dhanlaxmi Bank's shares concluded at Rs 44.40 apiece on the Bombay Stock Exchange (BSE), marking a 1.37% surge from the previous day's close. Kumar's endorsement signifies a significant shift in leadership at Dhanlaxmi Bank, potentially ushering in a period of strategic recalibration and growth initiatives. 

The appointment reflects the bank's commitment to reinforcing its leadership team with seasoned professionals, aiming to navigate the dynamic financial landscape effectively. With Kumar's extensive expertise, stakeholders anticipate a renewed vigor in steering the bank towards sustainable development and competitiveness in the banking sector.