However, in order to have management continuity pending review and approval by RBI, of the Board's recommendation to appoint Prashant Kumar as a regular MD & CEO for a period of three years, RBI vide its letter dated 15 July 2022 has approved Prashant Kumar as the Interim MD & CEO of the Bank for a period of 3 months.

The alternate Board has recommended amendments to the Articles of Association of the Bank, which will be subject to the RBI and shareholders approvals / notings:

The Board has approved insertion of a clause in the Article of Association that allows the Bank to enter into agreements with permitted investors to allow investors to nominate directors on the Bank's Board subject to terms and conditions as the Board of the Bank may deem fit and appropriate.

The Board has further approved an insertion in the Articles of Association to enable the Board to appoint and/or re-appoint from time to time one or more of the Directors to act as Whole-time Director(s)/Executive Director(s)/Joint or Deputy Managing Director(s) of the Company, not in any case exceeding one third of the total number of Directors of the Company for the time being who shall not be subject to retirement by rotation.

The aforesaid proposed amendments with such modifications as may be advised by the RBI or otherwise, as necessary, shall come into effect only after the same are approved by the RBI and shareholders.