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The Reserve Bank of India (RBI) is the nation’s central bank, and its primary duty is to oversee and direct its financial system. It was founded as a legislative organisation in 1935 by the Reserve Bank of India Act, 1934. The Indian rupee is issued and supplied under the central bank’s control. It also manages the finances of the national government. The central bank oversees the banking industry as the bankers’ bank. It also contributes significantly to India’s development story by aiding the administration in its plans and programs for growth. When the bank was first created, the RBI’s head office was located in Kolkata. It was relocated to Mumbai in 1937. The bank was first privately held. After India’s independence, however, it was nationalised in 1949 and is currently entirely controlled by the Indian government.
Table of Contents
Key takeaways
- Pralay Mondal was appointed the bank’s senior managing director on February 17, 2022.
- Just one year after joining Axis Bank as its retail chief, Mondal had already left.
- According to sources, Prem Watsa, a Canadian billionaire, owns the bulk of the Thrissur-based bank where Mondal is currently employed.
- He has developed talented human capital to focus on narrow, scaleable new items and enterprises, acquire predictable and dependable operational processes, and establish more major credit verticals.
- The appointment of Mondal, with approval from the RBI, will last for three years, from September 15, 2022, to September 14, 2025, according to the bank.
Experience of Pralay Mondal
With a stronger emphasis on digital activities toward automation and process centralisation, Mondal has been establishing technology platforms at CSB Bank while also seeking to increase retail franchise penetration and branch locations.
With 30 years of experience in the banking industry, Mondol has worked in various businesses and roles, handling part of the business, including liability, commercial lending products, and technology.
Before joining Axis Bank, he oversaw retail and commercial banking at Yes Bank as senior group president. He had a crucial role in quickly establishing the entire retail franchise. Before joining Yes Bank, he had positions with Colgate Palmolive, Wipro InfoTech, HDFC Bank, and Standard Chartered Bank.
About Pralay Mondal
On September 23, 2020, Mondal became the Bank’s President. On February 17, 2022, he was named the bank’s Deputy Managing Director. Beginning on April 1, 2022, he served as the Bank’s temporary managing director and chief executive officer.
While developing a future-ready technology platform at CSB Bank, Mondal has been working to enhance the Retail Series distribution and branches with a stronger emphasis on digital initiatives, with a particular drive on automation and concentration of power of processes for timely deliveries within set timelines. Additionally, he has developed skilled human capital to concentrate on a niche, scaleable new goods, and businesses, acquiring predictable and reliable operational processes and developing more significant credit verticals. In addition, regulations to guarantee credit independence can support the development of scaled, high-quality retail and career SME franchises.
New CEO of CSB bank
Pralay Mondal has been named the new Managing Director and CEO of Kerala-based CSB Bank, the bank announced on September 16. According to a news release, the Reserve Bank of India’s approval allowed the Bank’s Board of Directors to designate Mondal as the MD & CEO of the Bank on September 15, 2022. (RBI). According to the bank, Mondal’s appointment will last for three years, from September 15, 2022, to September 14, 2025, with clearance from the RBI. On September 23, 2020, Mondal started working for the bank as President (Retail, SME, Management, and IT). On February 17, 2022, he was promoted to Deputy Managing Director.
Important Factor
In the absence of a permanent Managing Director and CEO during his term, Mondal served as the bank’s interim Managing Director and CEO from April 1, 2022, till the present. At Axis Bank, Mondal had previously held the positions of Executive Director and President of Retail Banking. Mondal has over 30 years of experience across various sectors and activities in the banking industry, including retail assets, liabilities, corporate banking, products, and technology. He was Senior Group President and Director of Retail and Commercial Banking at Yes Bank before joining Axis Bank, where he significantly impacted the growth of the bank’s entire retail franchise. Mondal formerly held positions with Standard-Chartered Bank, Wipro InfoTech, Colgate Palmolive, and HDFC Bank for commerce.
