Federal Bank's appointment gets RBI nod

Mumbai: Federal Bank on Friday said Reserve Bank of India has approved the appointment of AP Hota, the man behind the runaway success of the NPCI and Rupay cards, as its non-executive chairman. The appointment is effective from June 29 and up to January 14, 2026. Abhay Prasad Hota has been an independent director on the board of the bank since January 2018. Hota has worked for 27 years in Reserve Bank of India (RBI) between 1982 and 2009. While at RBI, he served as a nominee director on the board of Vijaya Bank and subsequently Andhra Bank. He was the architect of the National Payments Corporation of India (NPCI) and was its managing director and chief executive officer between 2009 and 2017.