The Reserve Bank of India (RBI) has approved the appointment of Samir Mirza Maindargi, currently Assistant CEO of Sanmati Sahakari Bank Ltd., Ichalkaranji in Maharashtra’s Kolhapur district, as the bank’s new Chief Executive Officer (CEO) for a five-year term beginning August 1, 2026.

The appointment comes as the bank’s long-serving CEO Ashok Patil completes his 15-year tenure on July 31, 2026.

In a message to colleagues and stakeholders, Patil said he had personally recommended Maindargi for the top post and obtained the RBI’s approval for his appointment. He also announced that, after stepping down as CEO, he would continue serving the bank as General Manager (GM), providing executive support to the new CEO and ensuring continuity in leadership.

Patil said his continued role would focus on protecting the bank’s brand and reputation, supporting employees, and safeguarding the interests of depositors during the transition.

The RBI conveyed its approval through a letter, under Section 35B(1)(b) read with Section 56 of the Banking Regulation Act, 1949. The approval is subject to compliance with applicable statutory provisions and the outcome of any pending litigation related to the bank.