Indian billionaire and chairman of Reliance Industries, c is set to step down form the board of directors of the Bank of America Corp in May.

Bank of America Corp, which is No. 2 U. S. bank, said that Mr. Ambani will step down from the board during the bank's annual shareholder meeting in May. Mr. Ambani had joined the board of the Bank of America in March 2011and offered a global business perspective to a bank with majorly American customers.

Mr. Ambani will now be a part of the bank's global advisory council that includes a total of 13 business, academic and policy leaders. Morgan Stanley executive Robert Scully will joint Mr. Ambani is stepping down from the 18 member board of directors of the bank in May. The bank expanded its board by six directors since August expecting many to leave including those reaching the retirement age of 72 years.

Chief Executive Brian Moynihan has worked to revive the bank and has been able to resolve lawsuits relating to mortgages and building capital. The U. S. Federal Reserve recently approved the capital plan of the bank, which is a part of the annual stress test.