RBI observer attends Federal Bank board meeting

Mumbai: The meeting of the newly constituted board of directors of Federal Bank Ltd at its headquarters at Aluva on Monday had an observer from RBI. A senior official from RBI's Tiruvanathapuram regional office was present throughout the meeting, the first since the bank's discordant annual general meeting last month.

Though the board was reined in by the High Court ruling from taking any decisions pertaining to policy matters, it could clear several pending credit proposals, said a bank official. The board also reviewed the bank's performance and cleared certain investment proposals, the official said.

All the eight board members including the chairman attended the meeting.