Month: March 2021

Reserve Bank of India – Tenders

Tenders

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(Only through e-procurement)

RBI/Mumbai/Others/22/20-21/ET/637

1. Reserve Bank of India, Protocol & Security Establishment, Mumbai Regional Office, Mumbai (RBI) invites E-tenders from FMS Companies/Fireman Services Firms /Agencies “E-TENDER FOR DEPLOYMENT OF FIREMAN AT BANKS VARIOUS OFFICES OF RESERVE BANK OF INDIA, MUMBAI”. The period of contract will be up to March 30, 2022 from May 01, 2021 / date of award of work (issue of the work order) as per laid down contractual obligations (The Tender along with the prices shall remain valid initially for a period of 3 months from the date of opening of technical bid). The work is estimated to cost Rs.1,86,00,000/- (Rupees One core and eighty six lakh only) all taxes inclusive (including GST).

2. All Pre-Qualification papers shall be uploaded on MSTC site and same will be downloaded at the time of opening part-I of tender for examination by the Bank.

3. The Earnest Money Deposit (EMD) of Rs. 3,72,000/- (Rupees three lakh seventy two thousand only) may be remitted through NEFT or furnish the Bank Guarantee in respect of the said amount. The Bank Guarantee (from SCB) submitted towards Earnest Money deposit has to be valid for the validity period of the tender plus additional 45 days. Documentary evidence in support of remittance shall be submitted in sealed cover addressed to The Regional Director, Reserve Bank of India, Protocol and Security Establishment, Mumbai-400 001 so as to reach P&SE Office up to 2:00 PM on 31/03/2021 super scribing as “EMD for E-TENDER FOR DEPLOYMENT OF FIREMAN AT BANKS VARIOUS OFFICES OF RESERVE BANK OF INDIA, MUMBAI”.

6. Online tenders will be available for viewing /download from 11.00 AM on 10/03/2021 from the website www.mstcecommerce.com.

7. A pre-bid meeting (off-line mode) of the intending Tenderers will be held on 15/03/2021 at 2.30 PM.

8. Place of Pre Bid meeting:

Protocol & Security Establishment, Reserve Bank of India, Mumbai Regional Office, First Floor, Main Building, SBS Road, Fort, Mumbai- 400001.

9. Place, Time and date before which written queries for Pre-bid meeting must be received:

Protocol & Security Establishment, Reserve Bank of India, Mumbai Regional Office, First Floor, Main Building, SBS Road, Fort, Mumbai- 400001 by 12:00 PM on or before 15/03/2021.

10. The duly filled in tender documents shall be uploaded on MSTC site. (Date of Starting of online submission of e-tender from 17/03/2021 at 11:00 AM and Date of closing of online submission of e-tender is 31/03/2021 up to 5:00 PM)

11. Part I of the tenders will be opened on-line at 2.30 PM on 01/04/2021 in the presence of the authorised representative of the Tenderers who choose to be present. Part-II (Price bid) of the eligible Tenderers shall be opened on a subsequent date which will be intimated to the Tenderers in advance.

12. RBI is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject any or all the tenders without assigning any reason there for.

Regional Director

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 3,87,073.35 3.22 0.01-5.30
     I. Call Money 8,942.77 3.17 1.90-3.40
     II. Triparty Repo 2,84,475.30 3.26 3.20-3.35
     III. Market Repo 91,790.28 3.11 0.01-3.40
     IV. Repo in Corporate Bond 1,865.00 3.43 3.40-5.30
B. Term Segment      
     I. Notice Money** 200.90 3.20 2.50-3.35
     II. Term Money@@ 934.00 – 3.10-3.90
     III. Triparty Repo 0.00 – –
     IV. Market Repo 485.86 3.22 2.50-3.40
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Tue, 09/03/2021 1 Wed, 10/03/2021 4,96,861.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Tue, 09/03/2021 1 Wed, 10/03/2021 0.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -4,96,861.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 26/02/2021 14 Fri, 12/03/2021 2,00,010.00 3.50
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
D. Standing Liquidity Facility (SLF) Availed from RBI$       32,867.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,060.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -5,86,921.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 09/03/2021 4,31,710.53  
     (ii) Average daily cash reserve requirement for the fortnight ending 12/03/2021 4,49,720.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/03/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 12/02/2021 8,49,099.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2020-2021/1217

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Bitcoin breaks through $55,000 as risk appetite revives

Banking & Finance

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Bitcoin extended this week’s advance, breaking through $55,000 and stirring speculation the largest cryptocurrency could test the record it set last month.

The token rose as much as 2.8% on Wednesday and was trading at about $55,600 as of 9:23 a.m. in Hong Kong. The broader Bloomberg Galaxy Crypto Index jumped to a two-week high amid a more general improvement in investor sentiment after U.S. stocks surged on Tuesday.

“It wouldn’t shock to see the price make an assault on the February high of $58,350,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note.

Growing talk of institutional interest in Bitcoin and the possibility that U.S. stimulus checks will bolster flows into financial markets combine to lift cryptocurrencies. The digital token has risen about 600% in the past year, splitting opinion on whether a precarious bubble or bigger bull run lies ahead.

Bitcoin’s latest move higher has come as “the U.S. passed the stimulus bill, and on the back of MicroStrategy and Meitu purchasing Bitcoin,” said Annabelle Huang of crypto financial-services firm Amber Group.

“We have seen an increase in interest levels from institutional players globally,” she added. “In China, a lot of high net worth individuals have been inquiring on how to add Bitcoin to their portfolio.”

Recent trends signal digital tokens are stepping closer to mainstream finance.

For instance, JPMorgan Chase & Co. has filed to issue notes linked to a basket of crypto stocks like MicroStrategy Inc. and Nvidia Corp. Goldman Sachs Group Inc. has said it sees substantial demand from institutions as it works to restart its cryptocurrency trading desk.

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Reserve Bank of India – Tenders

Tenders

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NIT No: – RBI/Central Office/Premises Department/25/20-21/ET/640

a. E-tender No. RBI/Central Office/Premises Department/25/20-21/ET/640
b. Name of work Annual Maintenance Contract for providing, making and supplying flower arrangement in flower vase / basket at specified locations in all floors of Bank’s Central Office Building, Mumbai.
c. Mode of Tender e-Procurement System (Online Part I and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi).
Guidelines for e-tender has been provided.
d. Date of NIT available to parties to download 11.00 Hrs on March 10, 2021
e. Estimated cost of the work ₹ 15,12,000/-
f. Earnest Money Deposit

EMD amount should be submitted before close date and time of tender. If it is in the form of DD or Bank Guarantee then original copy of DD / Pay order or Bank Guarantee should have submitted in sealed form at RBI Central Office, Premises Dept. COBM Cell Fort Mumbai before due date of tender.

₹. 30, 240/- from each bidder

EMD amount can be paid either through Demand Drafts or Bank Guarantee (BG) payable at Reserve Bank of India Mumbai or through NEFT
A/c. No – 41869163273
IFSC Code – RBIS0COD001
A/c. Name – Reserve Bank of India
g. Last date of submission of EMD. Till 14:00 Hrs on April 01, 2021.
h. Pre-Bid Meeting (Online) 15.00 Hrs on March 19, 2021 through e-mail: ajmalmeeraan@rbi.org.in or vykadalge@rbi.org.in
i. Date of starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi 15:00 Hrs on March 22, 2021
j. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid. 14:00 Hrs on April 01, 2021
k. Date & time of opening of Tender Part I of the tender shall be opened at 16:00 Hrs on April 01, 2021.
Part II (Price Bid) of the tender of the qualified bidders shall be opened on a subsequent date which shall be communicated to the qualified bidders.
l. Transaction Fee Payment of Transaction Fee as mentioned in the MSTC portal through MSTC payment gateway / NEFT / RTGS in favour of MSTC Limited.

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Bank of Baroda to seek investor in credit card business, says CEO, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Bank of Baroda will look for an investor in its credit card business while it also considers a potential listing for its insurance joint venture in the next 18 to 24 months, its chief executive told Reuters.

The moves flagged by Sanjiv Chadha late on Monday are part of efforts by the state-owned bank to strengthen its position in a post-pandemic world, with global consultancy firm McKinsey & Co hired to help it to execute broad transformation plans.

“We may look at getting an investor into the cards business in the next 12 months,” Chadha said of its BoB Financial Solutions operation.

The business, set up in 1994 to house the bank’s credit card portfolio, is a wholly owned subsidiary that offers more than half a million customers a range of Visa and Mastercard-linked card options.

“We are also looking to explore the possibility of listing IndiaFirst Life Insurance Co in the next 18-24 months as the business has been doing very well and we believe it has significant value,” Chadha said.

Bank of Baroda has a 44% stake in the insurance company, with Union Bank of India holding 30% and Carmel Point Investments 26%.

The previously flagged sale of Bank of Baroda’s 40% stake in India International Bank Malaysia Berhad (IIBMB) remains a work in progress, said Chadha, who took the helm in January last year.

Bank of Baroda is also looking at using excess capital from international operations to bolster its domestic business, where returns are higher.

“We’re looking at where the return is sub-optimal and are looking at redeploying that capital back to India,” Chadha said, adding that the bank has no plans to raise capital for at least a year after a Rs 4,500 crore ($617 million) capital increase this month.

While the bank plans to keep the size of its branch network largely unchanged, it does plan to set up a network of agents to offer banking services at locations other than its existing branches or ATMs, Chadha said, adding that this is unlikely to involve any dramatic change in the size of its workforce.

“We are trying to look at how we staff the bank as we move forward,” Chadha said.

“We are exploring hiring people on contract to increase feet on street, how people can work in a hybrid model or work from home, among other things.”



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Suryoday SFB raises Rs 150 crore before IPO, BFSI News, ET BFSI

Banking & Finance

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KOLKATA: Suryoday Small Finance Bank has raised Rs 150 crore from SBI Life Insurance Company and Axis Asset Management Company in a pre-IPO placement, valuing the bank at Rs 2,700 crore.

The pre-IPO placement was made at Rs 291.75 a share ahead of its likely initial public share sale that seeks to garner Rs 550-600 crore. The public issue is likely later this month.

The bank may attract 5-10% premium over the pre IPO price, people involved in the process said. Pre-IPO purchases of shares cannot be offloaded for a year.

A pre-IPO placement is a sale of a large chunk of shares ahead of an IPO. Normally, the price of equity shares at the time of public offer comes at a premium over the pre-IPO price.

It is learnt that SBI Life has invested Rs 90 crore while Axis Asset Management Co has put in Rs 60 crore.

Suryoday declined to comment, while SBI Life and Axis AMC did not respond to mails.

Suryoday would be the fourth small finance bank to come out with IPO after AU Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank. Unlike Equitas and Ujjivan, Suryoday has no holding company.

ESAF Small Finance Bank is also preparing for its public offer, which is likely to be in next fiscal, while Utkarsh Small Finance Bank has recently sought market regulator Securities & Exchange Board of India’s approval for public share sale. Reserve Bank of India has mandated small finance banks to get listed within three years of reaching a net worth of Rs 500 crore.

The non-operating holding companies of both Equitas and Ujjivan are also listed.

The market capitalization of Equitas Holdings is Rs 3,093 crore at the end of Tuesday’s trade, while that of Equitas Small Finance Bank is Rs 6,618 crore. Market cap of Ujjivan Financial Services is Rs 2,957 crore while that for the Ujjivan Small Finance Bank is Rs 5,919 crore.

Equitas Small Finance Bank had its loan portfolio at Rs 17,373 crore at the end of December 2020, while Ujjivan Small Finance Bank had it at Rs 13,638 crore.

Suryoday’s gross loan portfolio was Rs 3,711 crore at the end of March 2020 with 76% of it constituting microloans to women borrowers. The bank also has commercial vehicle loans, affordable housing loans and loans to small and medium enterprises in its bouquet of products. It’s net interest margin for FY20 was 11.92%. Suryoday’s loan portfolio grew to around Rs 3,900 crore at the end of December.

The bank’s average collection efficiency, a measure of future asset quality, was at 82% for the month of December while it was lower in three key states — Maharashtra, Tamil Nadu and Odisha. These three states together account for 77% of its lending businesses.

The bank’s IPO includes fresh issue of up to 11.59 million equity shares and an offer for sale of up to 8.4 million equity shares. Existing investors such as International Finance Corporation, Gaja Capital, DWM (International) Mauritius, IDFC First Bank, Kotak Mahindra Life Insurance and Polaris Banyan Holding will be paring their stakes through the offer for sale, according to the draft red herring prospectus.



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PSU bank fundraising plans set for revival as bull-run lifts fortunes, BFSI News, ET BFSI

Banking & Finance

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With the markets on the upswing, public sector banks that struggled to raise funds in December are making hay in the market.

Banks are looking to raise funds to meet regulatory and provisioning requirements and to be ready for the opportunities that a likely boom in the economy may throw up in the coming months.

Bank of Baroda

State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP) on Wednesday.

It allotted 55,07,95,593 equity shares to eligible qualified institutional buyers at an issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece.

Public sector banks (PSBs) are planning to raise about Rs 10,000 crore through a mix of equity and debt in the remaining two months of the current fiscal ending March to support credit pick up and meet regulatory requirements, the government had said last month.

Union Bank of India

Union Bank plans to raise between Rs 2,000 crore to Rs 3,000 crore through QIP.

The bank has shareholder permission to raise up to Rs 6,800 crore, but was planning to raise only Rs 3,000 crore as the risk appetite for public sector bank shares is still not the best. UBI plans to restrict its target to Rs 3,000 crore and possibly try another issue next fiscal year.

Private sector banks

A clutch of private sector banks also have plans to tap the market.

IDFC First IDFC First Bank’s board will meet on February 18, 2021 “to consider and approve the proposal for raising of funds by way of issue of equity shares/ other equity-linked securities. The bank sees strong strong upcoming growth opportunities.

YES Bank’s shareholders have approved a proposal for raising Rs 10,000 crore capital with the requisite majority.

December raising

Punjab National Bank raised Rs 3800 crore in December 2020 while IDBI Bank raised Rs 1400 crore in twin issues which were priced on the same day in the middle of December. Canara Bank had raised Rs 2000 crore earlier in the month.

PNB had targeted Rs 7,000 crore while IDBI Bank had aimed to raise Rs 2,000 crore. Both issues were short of their targets.

In the last few months, lenders including State Bank of India, Canara Bank and PNB have raised about Rs 50,000 crore from the market.

Bank stocks to shine?

Bank stocks were underperforming last year due to fears of a spike in non-performing assets and their annual returns were as low as 4%. However, they are recovering now.

According to analysts, the banking and finance sector seems to be the most probable candidate poised to outperform the broader markets as the pharma sector has run its course.

What RBI says

RBI Governor Shaktikanta Das has been advising banks to proactively raise capital and not wait for a difficult situation to arise due to the Covid crisis.

Besides, the government has allocated Rs 20,000 crore for capital infusion into PSBs in the current fiscal. Of this, the Finance Ministry has granted Rs 5,500 crore to Punjab & Sind Bank.

During 2019-20, the government made Rs 70,000 crore capital infusion into the PSBs to boost credit for a strong impetus to the economy.



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Reshuffle at Public Sector Banks; 14 GM and CGM Becomes Executive Directors, BFSI News, ET BFSI

Banking & Finance

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The new changes will come into effect on an immediate basis. A few of the Chief General Managers (CGM) and General Managers (GM) will take charge as an Executive Director at the same bank, whereas a few will join the other Public Sector Banks (PSB). Following are the new appointments by the cabinet committee.

1. Swarup Kumar Saha who is currently working as a Chief General Manager at Punjab National Bank, has been appointed as an Executive Director for a period of three years at the same bank.

2. Debadatta Chand who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director in Bank of Baroda.

3. K. Satyanarayana Raju who is currently working as a Chief General Manager at Bank of Baroda has been appointed as an Executive Director in Canara Bank.

4. Shri Nitesh Ranjan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in the same bank.

5. Monika Kalia who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in Bank of India.

6. Shri Swarup Dasgupta the General Manager of Bank of India has been elevated as an Executive Director in the same bank. .

7. Shri M. Karthikeyan, currently working as a General Manager at Indian Bank has been appointed as an Executive Director in Bank of India.

8. lshraq All Khan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in UCO Bank

9. Vivek Wahi who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Central Bank of India

10. S. Srimathy who is currently working as a Chief General Manager at Canara Bank has been appointed as an Executive Director in Indian Overseas Bank.

11. B. Vijaykumar A who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Bank of Maharashtra

12. Raghavendra Venkatasheshan Kollegal who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Punjab and Sind Bank

13. Rajeev Purl who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director at Central Bank of India.

14. lmrari Amin Siddiqul who is currently working as a General Manager at Indian Bank has been elevated as an Executive Director with the same bank.

All of these appointments are for the period of period of three years or till attaining the age of superannuation whichever is the earliest.

In 2020-21, the government infused Rs 5,500 crore as fresh capital in PSBs through non-interest bearing special securities.



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Reshuffle at Public Sector Banks; 14 GM and CGM Becomes Executive Directors, BFSI News, ET BFSI

Banking & Finance

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The new changes will come into effect on an immediate basis. A few of the Chief General Managers (CGM) and General Managers (GM) will take charge as an Executive Director at the same bank, whereas a few will join the other Public Sector Banks (PSB). Following are the new appointments by the cabinet committee.

1. Swarup Kumar Saha who is currently working as a Chief General Manager at Punjab National Bank, has been appointed as an Executive Director for a period of three years at the same bank.

2. Debadatta Chand who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director in Bank of Baroda.

3. K. Satyanarayana Raju who is currently working as a Chief General Manager at Bank of Baroda has been appointed as an Executive Director in Canara Bank.

4. Shri Nitesh Ranjan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in the same bank.

5. Monika Kalia who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in Bank of India.

6. Shri Swarup Dasgupta the General Manager of Bank of India has been elevated as an Executive Director in the same bank. .

7. Shri M. Karthikeyan, currently working as a General Manager at Indian Bank has been appointed as an Executive Director in Bank of India.

8. lshraq All Khan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in UCO Bank

9. Vivek Wahi who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Central Bank of India

10. S. Srimathy who is currently working as a Chief General Manager at Canara Bank has been appointed as an Executive Director in Indian Overseas Bank.

11. B. Vijaykumar A who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Bank of Maharashtra

12. Raghavendra Venkatasheshan Kollegal who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Punjab and Sind Bank

13. Rajeev Purl who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director at Central Bank of India.

14. lmrari Amin Siddiqul who is currently working as a General Manager at Indian Bank has been elevated as an Executive Director with the same bank.

All of these appointments are for the period of period of three years or till attaining the age of superannuation whichever is the earliest.



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Reshuffle at Public Sector Banks; 14 GM and CGM Becomes Executive Directors, BFSI News, ET BFSI

Personal Finance

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The new changes will come into effect on an immediate basis. A few of the Chief General Managers (CGM) and General Managers (GM) will take charge as an Executive Director at the same bank, whereas a few will join the other Public Sector Banks (PSB). Following are the new appointments by the cabinet committee.

1. Swarup Kumar Saha who is currently working as a Chief General Manager at Punjab National Bank, has been appointed as an Executive Director for a period of three years at the same bank.

2. Debadatta Chand who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director in Bank of Baroda.

3. K. Satyanarayana Raju who is currently working as a Chief General Manager at Bank of Baroda has been appointed as an Executive Director in Canara Bank.

4. Shri Nitesh Ranjan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in the same bank.

5. Monika Kalia who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in Bank of India.

6. Shri Swarup Dasgupta the General Manager of Bank of India has been elevated as an Executive Director in the same bank. .

7. Shri M. Karthikeyan, currently working as a General Manager at Indian Bank has been appointed as an Executive Director in Bank of India.

8. lshraq All Khan who is currently working as a Chief General Manager at Union Bank of India has been appointed as an Executive Director in UCO Bank

9. Vivek Wahi who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Central Bank of India

10. S. Srimathy who is currently working as a Chief General Manager at Canara Bank has been appointed as an Executive Director in Indian Overseas Bank.

11. B. Vijaykumar A who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Bank of Maharashtra

12. Raghavendra Venkatasheshan Kollegal who is currently working as a General Manager at Bank of India has been appointed as an Executive Director in Punjab and Sind Bank

13. Rajeev Purl who is currently working as a Chief General Manager at Punjab National Bank has been appointed as an Executive Director at Central Bank of India.

14. lmrari Amin Siddiqul who is currently working as a General Manager at Indian Bank has been elevated as an Executive Director with the same bank.

All of these appointments are for the period of period of three years or till attaining the age of superannuation whichever is the earliest.



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