DCB Bank receives RBI approval for Praveen Achuthan Kutty as MD and CEO, effective April 29, 2024. Kutty, part of the leadership team for 16 years, played a key role in the bank’s turnaround. Board approval pending.
New Delhi, January 17, 2024 – In a significant development, the Reserve Bank of India (RBI) has given its nod to the appointment of Praveen Achuthan Kutty as the Managing Director and CEO of DCB Bank. The private sector bank confirmed this news in a regulatory filing on Tuesday, highlighting that the appointment, slated for a three-year term, will be effective from April 29, 2024.
Praveen Achuthan Kutty boasts an impressive 16-year stint with DCB Bank, having been an integral part of its leadership team. Over the years, Kutty, alongside the current MD and CEO and the management team, has played a pivotal role in orchestrating a successful turnaround for the bank.
While the RBI’s approval marks a crucial step, the official appointment still requires the green light from the Board of Directors. A meeting will be convened in the near future to deliberate and endorse Kutty’s elevation to the position of MD and CEO. Following this, the final seal of approval will be sought from the shareholders.
This strategic move reflects DCB Bank’s commitment to continuity and stability, entrusting leadership responsibilities to a seasoned professional who has been instrumental in shaping the bank’s trajectory. The upcoming board meeting and subsequent shareholder approval are anticipated as the final steps in formalizing Praveen Achuthan Kutty’s elevation to the helm of DCB Bank.