Salim Gangadharan tipped to be next non-executive chairman of South Indian Bank

KOLKATA: 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 Bank, which is targetting to grow profit to Rs 1,000 crore by fiscal 2020 from Rs 307 crore in 2014-15.

Gangadharan, who has been an independent director in the bank since January 2014, is expected to assume his new responsibility in the first week of November. It is subject to clearance from the sector regulator, a senior bank official said.

Gangadharan retired from RBI as principal chief ge neral 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 three years and his term was extended by another three years.

South Indian Bank's board is headed by a non-executive chairman, like in other private lenders such as ICICI Bank and HDFC Bank, while it is run by a managing director.