Key Points

The committee will now function till August 28 or until a new Managing Director and Chief Executive Officer (MD and CEO) is appointed, whichever is earlier, according to an exchange filing.

"We now wish to inform that the RBI vide its letter dated July 25, 2025, has granted its approval for extension of tenure of the said Committee of Executives for a further period of one month, with effect from July 29, 2025 upto August 28, 2025 or until the new MD and CEO is appointed and assumes charge, whichever is earlier," the exchange filing said.

The interim committee, comprising Chief Administrative Officer Anil Rao and Head of Consumer Banking Soumitra Sen, will continue to oversee the bank's operations.

As the bank moves forward with selecting a new MD and CEO, the extension guarantees leadership continuity.

Following the previous MD and CEO's departure and RBI's prior approval on April 29, the bank's board first established the committee. The agreement, which took effect on April 29, was initially in place for three months and was scheduled to expire on July 28.

According to the filing, the committee's term has been extended for an additional month, beginning July 29, with the RBI's recent approval dated July 25.

The bank added that the executive committee will continue to operate under the direction of the Board's Oversight Committee and that all other terms and conditions of the temporary arrangement are unaltered.

Earlier this month, the Hinduja family-promoted Board of Directors of the Bank approved raising Rs 30,000 crore through a combination of debt and equity and allowed the promoters to nominate two board directors, as it seeks to restore confidence in its operations after the recent Rs 2,000 crore accounting lapse.

Through debt securities in any approved manner on a private placement basis, or the equivalent amount in approved foreign currencies, the lender will raise Rs 20,000 crore.

- IANS