Result of Meeting

9 Jan 2009 10:38

DECISIONS TAKEN AT BOARD MEETING

The Board of Directors of the Bank at its meeting held today taken the following decisions:

To conform to the requirements laid down by the Reserve Bank of India, the post of Chairman and CEO of the Bank be separated into (I) Non- Executive Chairman and (II) Managing Director w.e.f. 1st August, 2009 when the term of Shri P. J. Nayak as the Chairman and CEO of the Bank comes to an end.

To seek approval of the shareholders of the Bank in respect of the alteration of the Articles of Association of the Bank by way of postal ballot to make the separation of the post of Chairman and CEO effective.