Kolkata-based Samata Co-operative Development Bank Ltd has received approval from the Reserve Bank of India (RBI) for the reappointment of its Chief Executive Officer, Debashish Bhattacharjee, for another five-year term.
According to RBI’s approval, Bhattacharjee’s tenure has been extended until 2030. The approval was granted under the provisions of the Banking Regulation Act, 1949, following the bank’s application seeking prior regulatory clearance.
RBI has stipulated that the reappointment will remain subject to compliance with all applicable laws, regulations, and court orders relating to any ongoing litigation.
The central bank has further directed that if the bank’s Board decides to terminate the CEO’s appointment before the expiry of his tenure, it must obtain prior approval from RBI.