Pradeep Kumar Malhotra Resigns as Shareholder Director of Indian Bank
Indian Bank announces the resignation of Shareholder Director Pradeep Kumar Malhotra effective November 28, 2025, following RBI’s updated Fit & Proper criteria restricting LIC employees from serving on PSB boards.
Chennai, November 28, 2025: Indian Bank has notified the stock exchanges that Shri Pradeep Kumar Malhotra, a Shareholder Director on the Bank’s Board, has resigned effective November 28, 2025.
His resignation follows a communication from the Reserve Bank of India dated July 30, 2025. This communication disqualifies current employees of the Life Insurance Corporation of India (LIC) from serving as Shareholder Directors in Public Sector Banks involved in para-banking activities. This aligns with Para 4.3(iv)(b) of the RBI Master Direction on ‘Fit & Proper’ Criteria for Elected Directors on the Boards of PSBs (2019, updated 2020).
Indian Bank confirmed that Malhotra submitted his resignation on November 28, 2025, and ceased to be a Director that same day.
The required disclosure under SEBI Listing Regulations states:
The resignation is due to RBI’s Fit & Proper criteria restrictions.
The director has not provided any other significant reasons.
He does not hold directorships in any other listed entities.
In his resignation letter, Malhotra expressed appreciation for the opportunity and emphasized his contributions to areas like technology adoption, governance, and financial market development during his time in office.
Indian Bank has sent the resignation letter and necessary confirmations to NSE and BSE.