What was filed
Federal Bank told the exchanges that the Reserve Bank of India has approved appointing Mr. Virat Sunil Diwanji as an Executive Director on its Board. Per the filing, the RBI conveyed its approval by letter dated 28 September 2026, and Diwanji will assume charge as Additional Executive Director with effect from 12 October 2026. The appointment, recommended by the Board, runs for a three-year term from the date he assumes charge and remains subject to shareholder approval within three months of that date.
Who is stepping up
This is an internal elevation rather than an outside hire. The filing states Diwanji is the bank's National Head — Consumer Banking, a role he has held since joining Federal Bank on 10 April 2025, covering Branch Banking, Retail Liabilities, Retail Assets, Wealth Management, Business Banking, the Digital Centre of Excellence and collections. The bank noted his prior career with the Kotak Mahindra Group, including as Group President & Head — Consumer Bank, and that he also serves as a Non-Executive Director of Ageas Federal Life Insurance Company Limited. He is not related to any of the bank's directors.
The conditions attached
The appointment is approved but not yet final. RBI clearance is in hand and the effective date is set, but shareholder ratification must follow within three months of Diwanji assuming charge. The bank confirmed he is not debarred or disqualified from holding the office of director by any SEBI or other order. Terms and remuneration are as approved by the RBI.
Why it matters to a holder
An Executive Director and Key Managerial Personnel appointment changes the composition of the bank's senior leadership and its Board. Moving the head of Consumer Banking — the bank's retail-facing business — into an executive Board seat formalises where responsibility for that business now sits.