The extension will stay in impact till a brand new Managing Director and CEO is appointed and assumes cost, whichever is earlier, the financial institution stated.
The choice ensures continuity within the financial institution’s management because it undergoes the method of figuring out and appointing an acceptable successor.
Kumar has been on the helm of Sure Financial institution since March 2020, a vital interval of its transformation and stabilisation, following important monetary and operational restructuring.
Underneath Kumar, the lender has grown its whole deposits 2.7 occasions within the final 5 years to Rs 2.85 lakh crore on the finish of March 2025. Its retail advances have additionally grown 2.5 occasions since March 2020 to Rs 1.02 lakh crore on the finish of March 2025. It’s considerably improved its asset high quality with gross non-performing ratio at 1.6% on the finish of March 2025 versus 16.8% in March 2020.