85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The stock of South Indian Bank jumped more than 6 per cent on Friday after the RBI conveyed its approval for the appointment of P.R. Seshadri as the Managing Director and Chief Executive Officer of the bank for a period of three years with effect from October 1.
The stock closed at Rs 22.44, up Rs 1.36 or 6.4 per cent on the BSE.
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A meeting of the Board of Directors of the bank will be convened in due course to approve the appointment of Seshadri as the MD & CEO, and the approval of the shareholders shall be obtained thereafter as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations.
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Seshadri has served as, among other positions, MD & CEO of Karur Vysya Bank Limited (KVB), and MD & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore.
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