Public sector banks have been witnessing many changes in their top management, be it extension of tenure or appointment of new key managerial personnel.
The finance ministry had in July asked the Department of Personnel and Training (DoPT) to extend the tenure of a number of managing directors and executive directors to ensure stability and continuity at state-owned lenders.
The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has extended the tenure for three managing directors and chief executive officers, and 10 executive directors of public sector banks.
Only one bank, Indian Bank, has appointed its new MD and CEO so far..
Here’s a quick recap of all the noteworthy movements, recommendations and tenure extensions of top PSB officials:
Indian Bank
Shanti Lal Jain was appointed the Managing Director and Chief Executive Officer of Indian Bank for a period of three years. His tenure started from September 1, 2021, and is extendable for two years or until attaining the age of retirement, whichever is earlier.
He replaced Padmaja Chunduru, whose term with the bank ended on August 31. Jain was previously working as the Executive Director of Bank of Baroda.
Meanwhile, the ACC extended the term of Shenoy Vishwanath Vittal, executive director, till the age of superannuation.
PNB
BBB last month recommended Atul Kumar Goel as the MD & CEO of Punjab National Bank, after interviewing 11 candidates.
Apart from this, BBB has kept Ajay Kumar Shrivastava on the reserve list for the post.
Currently, Goel is serving as the MD & CEO of Kolkata-based UCO Bank. He is also on the boards of Star Union Dai-ichi Life Insurance and The New India Assurance.
The government in August extended the term of S S Mallikarjuna Rao, the existing MD & CEO of PNB chief till January 31, 2022. Rao’s term was supposed to end on September 18, 2021.
Further, terms of Sanjay Kumar and Vijay Dube, executive directors, have been extended until their age of superannuation.
UCO Bank
The government may appoint Soma Sankara Prasad, currently the deputy managing director of State Bank of India, as managing director of UCO Bank.
According to PTI, since Prasad was in the reserve list for the post of managing director at Indian Bank, he has been recommended to head UCO Bank. The final decision will be taken by the ACC.
The government had extended the tenure of Atul Kumar Goel for two years. His term was scheduled to end on November 1, 2021.
Bank of Maharashtra
The government extended the tenure of AS Rajeev, MD and CEO of Bank of Maharashtra, for a two years beyond the notified term, expiring on December 1, 2021.
Bank of Baroda
The tenure of Ajay Khurana as executive director has been extended by two years. He is also on the reserve list for PNB’s MD and CEO post. Meanwhile, the tenure of Vikramaditya Singh Khichi, another ED, has been extended until his age of superannuation.
Canara Bank
The tenure of A Manimekhalai, executive director, has been extended by two years.
Bank of India
The tenure of P R Rajagopal, executive director, has been extended by two years. .
Union Bank of India
The government has extended the terms of Gopal Singh Gusain and Manas Ranjan Biswal as executive directors until their age of retirement.
Central Bank of India
The tenure of Alok Srivastava has been extended until his age of superannuation.