Federal bank has announced the re-appointment of Mr. Harsh Dugar as Executive Director following regulatory approval from the Reserve Bank of India. The development represents continuity in the bank's senior leadership structure as it moves forward with its strategic initiatives.

RBI Approval and Appointment Details

The Reserve Bank of India granted approval for Mr. Dugar's re-appointment through its letter DoR.GOV.No.9538/08.38.001/2025-26 dated March 30, 2026. The approval follows a recommendation from the Bank's Board of Directors.

Executive Profile and Experience

Mr. Harsh Dugar brings substantial banking expertise to his continued role as Executive Director. He has been serving in this capacity at Federal Bank since 2023, having joined the institution in 2016.

Prior to Federal Bank, Mr. Dugar completed a distinguished 20-year career in corporate banking at HDFC Bank, where he developed extensive expertise across various verticals and geographies. His corporate banking experience spans multiple sectors and regions, providing valuable insights for Federal Bank's operations.

Educational Qualifications and Achievements

Mr. Dugar's academic credentials include:

• Bachelor's degree with Honors in Accounting & Finance from the University of Calcutta (University Topper)
• Qualified Cost and Works Accountant (CWA) with All-India Rank
• Chartered Financial Analyst (CFA) qualification from ICFAI with gold medal
• Academic contribution as part-time faculty member at ICFAI Business School, Kolkata

Regulatory Compliance

The bank has confirmed that Mr. Harsh Dugar is not debarred or disqualified from holding the office of Director by any order from the Securities and Exchange Board of India or other regulatory authorities. Additionally, he is not related to any other Director of the Bank, ensuring independence in governance structure.

Shareholder Approval Process

While RBI approval has been secured, the re-appointment remains subject to shareholder approval. This approval must be obtained either at the next General Meeting or within a period of three months, whichever occurs earlier. The bank has communicated this development to both the National Stock Exchange of India Limited and BSE Limited in compliance with SEBI regulations.

Federal Bank has received a substantial Income Tax refund of ₹322.63 crore for Assessment Year 2016-17, marking a significant financial development for the private sector lender. The refund amount includes interest calculated under Section 244A of the Income Tax Act, 1961.

Regulatory Disclosure Details

The bank informed stock exchanges about this development through a regulatory filing in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure was made pursuant to SEBI Master Circular requirements for regulatory compliance.

Income Tax Department Orders

Federal Bank received orders from the Income Tax Department, Corporate Circle 2 (1), Kochi implementing the Hon'ble Income Tax Appellate Tribunal (ITAT) order. These orders were issued under Section 254 of the Income Tax Act, 1961.

Financial Impact

The refund amount of ₹322.63 crore represents a significant cash inflow for the bank. This amount includes both the principal refund and interest calculated under Section 244A of the Income Tax Act, providing additional liquidity to the lender's operations.

Corporate Communication

The disclosure was signed by the Company Secretary of Federal Bank Limited and communicated to both National Stock Exchange of India Limited and BSE Limited as part of its regulatory compliance obligations. The bank requested the exchanges to take this information on record.