What happened
The Reserve Bank of India approved the appointment of Virat Sunil Diwanji as Executive Director of Federal Bank. He will take charge as Additional Executive Director from 12 October 2026 for a three-year term; shareholder approval is to be sought within three months of taking charge. Diwanji is currently National Head – Consumer Banking at Federal Bank (joined April 2025) after over three decades at Kotak Mahindra Group.
Background
Private sector bank whole-time director appointments need RBI approval under banking regulation. Federal Bank informed stock exchanges that he is not related to existing directors and is not debarred from holding a directorship. He is also a Non-Executive Director on the board of Ageas Federal Life Insurance Company Limited.
Why it matters for exams
- RBI approvals for bank EDs/MDs are standard banking-awareness items
- Effective date and tenure are typical prelims facts
- Links banking regulation with corporate governance
Key facts for exams
- Bank: Federal Bank
- Appointee: Virat Sunil Diwanji – Executive Director / Additional ED
- Effective: 12 October 2026
- Tenure: 3 years (shareholder nod within 3 months)
- Approving authority: Reserve Bank of India
Practice MCQs
Q1. Who approved Virat Diwanji’s appointment as Federal Bank ED?
- SEBI
- RBI
- NABARD
- Ministry of Finance
Answer: B. Reserve Bank of India.
Q2. Diwanji is scheduled to take charge on:
- 29 September 2026
- 1 October 2026
- 12 October 2026
- 31 December 2026
Answer: C. 12 October 2026.
Q3. Federal Bank is headquartered in:
- Mumbai
- Bengaluru
- Aluva (Kochi region), Kerala
- Chennai
Answer: C. Federal Bank is based in Aluva, Kerala.
Source: Federal Bank exchange intimation / PSU Connect & business wire reports (29 Sep 2026).