Former Reserve Bank of India chief general manager Salim Gangadharan is tipped to be the next non-executive chairman of private sector lender South Indian BankBSE 0.85 %, which has embarked upon a business restructuring aiming to grow profit to Rs 1,000 crore by fiscal 2020 from Rs 307 crore in 2014-15.
Gangadharan, who has been independent director in the bank since January 2014, is expected to assume his new responsibility in the first week of November, subject to a clearance from the sector regulator, according to a senior bank official.
He retired from RBI as principal chief general manager. The present non-executive and part time chairman of the bank, Amitabha Guha, will demit office on November 1. Guha joined the board in November 2010 for a period of three years and his term was further extended by another three years.
South Indian Bank’s board, like in other private lenders such as ICICI Bank and HDFC Bank, is headed by a non-executive chairman while these banks are run by managing directors. The Kerala-based lender plans to achieve Rs 2 lakh crore business by 2020 from Rs 93,250 crore at the end of September.