CSB Bank MD & CEO takes early retirement on health grounds

C V R Rajendran, Managing Director & Chief Executive Officer, CSB Bank, decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022.

His current three-year term was supposed to end on December 8, 2022. Rajendran has been holding the position of Managing Director & CEO since December 9, 2016.

In a statement, the lender said that Rajendra said he decided to take early retirement on health grounds under the advice of his physicians. His decision to move on from the post of Managing Director & CEO has been approved by the Board of Directors in a meeting held on Saturday, the lender said.

The Board decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of Managing Director & CEO. It will engage an independent executive search firm in this connection.

Rajendran was instrumental in turning around CSB Bank. Under his leadership, the bank registered an impressive performance and returned back to the path of profitability in Q1FY 20, after incurring losses for many consecutive quarters.

Rajendran was in instrumental in bringing Rs 1,208 crore of primary capital in CSB Bank from FIH Mauritius Investments Ltd (a subsidiary of Prem Vatsa controlled Fairfax India Holdings Corporation). He was also the key driver in spearheading CSB Bank through a successful initial public offering, which was oversubscribed 87 times.

Prior to moving to private sector banking space, he had a long innings in public sector banking space, including as chief of Andhra Bank and executive director at Bank of Maharashtra.

Rajendran has ensured the effective implementation of a slew of sustainable growth strategies, which included healthy prudential parameters such as risk assessment, business expansion with a firm eye on bottom line, reducing the NPAs, moving to verticalised business model, and turning the underperforming bank to a new age agile profit making entity, CSB Bank said.

Source: Business Standard

CSB Bank, Clear tie up to roll out ITR e-filing facility for NRI customers

Catholic Syrian Bank (CSB) on Thursday said it has tied up with online tax filing platform Clear (formerly ClearTax) to launch an income tax e-filing facility for its NRI customers.

The bank said e-filing options will be completely free of cost and that the partnership allows its customers to file their taxes online with reduced effort and lesser time. Customers will also have the option to opt for CA assisted ITR filing for specialized return filings and expert advisory on capital gains, global income, inheritance at a discounted rate for the bank’s customers.

This facility is also available to CSB Bank’s resident customers.

The bank customer should visit the CSB website, click on the value-added services option and under NRI/ Personal Banking option, follow the instructions to file their ITR. Customers can avail a discount using coupon code, wherever applicable, the bank said.

“Our partnership with ClearTax will not only enable basic free of cost self e-filing of income tax for NRI customers as well as resident customers of the Bank but also offer CA assisted options for specialized return filings and advisory at a discounted rate. While the free of cost self-filing option will add to the convenience of the customers by simplifying the process, the assisted option will address the complexities and queries that the customers may have related to the filing of their income tax. Besides, by providing such services under one roof, it would further enrich and enhance customer convenience and their overall experience with the Bank," C.VR. Rajendran, MD & CEO, CSB Bank.

The bank added in its statement that it will provide free tax tools, chatbot and call centre support to its customers for any queries related to self e-filing of income tax.

Source :  Livemint