Sunil Gurbaxani will take up the reins of Dhanalaxmi Bank as its MD and CEO. He earlier served in Axis Bank.
Reserve Bank of India (RBI) approved the appointment of Gurbaxani as managing director and CEO of Dhanlaxmi Bank on February 20.
"RBI has approved the appointment of Sunil Gurbaxani as Managing Director and CEO of the Bank for a period of three years from the date of taking charge," Dhanlaxmi Bank said in a regulatory filing.
Earlier in September last, the then managing director T Latha resigned, two months after she assumed charge. Banking sources then said that there was pressure from within the board which forced her to quit, hardly two months after assuming charge. However, official sources then said she quit because of "personal reasons".
Dhanlaxmi Bank was removed from the RBI PCA framework, subject to certain conditions and continuous monitoring, as it was found to be not breaching any of the risk thresholds of the framework.
The bank, which had been making profit from the second quarter after bringing down its NPA level through recovery of some old bad loans which saw the release of some earlier provisionings, reported a 26 per cent rise in net profit to Rs 21.28 crore for the third quarter ended December. It had a net profit of Rs 16.9 crore during the corresponding period in previous fiscal.
Total income rose to Rs 285.85 crore from Rs 272.16 crore in October-December 2018-19.