The Federal Bank announced that the Reserve Bank of India (RBI) has given approval for the appointment of AP Hota as part time chairman of the private sector bank. “We wish to inform that RBI had vide its letter dated June 26, 2023 accorded its approval for the appointment of A P Hota, independent director, as part time chairman of the Bank with effect from June 29, 2023, till January 14, 2026,” it said in a regulatory filing.
AP Hota has banking experience of over 27 years in Reserve Bank, mostly in technology and payment systems, from 1982- 2009. While at Reserve Bank of India, he served as nominee director to the Board of Vijaya Bank and subsequently Andhra Bank. “He was the architect of NPCI and served as its Managing Director and Chief Executive Officer between 2009- 2017,” the company said in the filing.
He completed his masters degree in literature from Sambalpur University and is a Honorary Fellow of the Indian Institute of Banking and Finance. AP Hota was appointed as Independent Director of Federal Bank Limited with effect from January 15, 2018.
Earlier this month, Federal Bank had elevated its wholesale banking head Harsh Dugar as executive director of the bank with immediate effect. RBI has approved Harsh Dugar’s appointment for three years, effective June 23.