Indian Bank executive director K Ramachandran demits office

NEW DELHI: Indian Bank on Thursday said K Ramachandran has demitted office as the executive director of the bank post his superannuation.

Ramachandran, executive director of the bank, has demitted office on June 30, 2021, upon superannuation, the bank said in a regulatory filing.

"Accordingly, K Ramachandran has ceased to be the executive director of the bank with effect from July 1, 2021," it added.

As per the bank website, the board of the Indian Bank consists of the MD and CEO, three executive directors, one nominee director from the government, one nominee director from the RBI and one shareholder director.

In a separate filing to exchanges, Central Bank of India said the tenure of Mini Ipe as the shareholder director has ended on June 30 and Dinesh Pangtey is elected as the shareholder director of the bank, whose tenure commences from July 1, 2021.

Pangtey's tenure is till June 30, 2024. He is an independent director of the bank, it noted.

He is presently the whole-time director and CEO of LIC Mutual Fund Asset Management.

With a long experience in the field of finance and life insurance, Pangtey earlier held the post of chief executive officer of LICHFL AMC Ltd.

Shares of Indian Bank closed 2 per cent down at Rs 142 apiece on BSE. Central Bank of India scrip ended 0.89 per cent lower at Rs 27.85.