ESAF Bank Secures RBI Nod for MD & CEO Re-appointment

ESAF Small Finance Bank has received approval from the Reserve Bank of India to re-appoint K Paul Thomas as its Managing Director & CEO for another three years. The approval, communicated in an RBI letter on May 16, 2024, is under the Banking Regulation Act of 1949. The bank will seek shareholders' approval soon.

ESAF Small Finance Bank on Wednesday announced that the Reserve Bank of India (RBI) has approved the re-appointment of K Paul Thomas as the Managing Director & CEO for another three years.

The approval was conveyed through an RBI letter dated May 16, 2024, in accordance with the Banking Regulation Act, 1949. ESAF Bank stated that it will now seek the required approval from its shareholders.

Furthermore, Paul Thomas also serves as the Chairman of the Board of Sa-Dhan, an association of microfinance and impact finance institutions, the bank added.

(With inputs from agencies.)