The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services(DFS) to extend the tenure of 3 Managing Directors(MD) and Chief Executive officers(CEO), and 10 Executive Directors(EDs) of Public Sector Banks(PSB) including the Punjab National Bank(PNB).
Background:
i.The DFS suggested to extended the terms of the MDs and EDs of the Public Sector banks to ensure the stability and continuity of the banks amid COVID-19 pandemic
ii.The proposal for the extension was sent to the Department of Personnel and Training (DoPT) after consultation with the Banks Board Bureau(BBB).
Details of approved tenure extensions:
MD & CEO:
- The term of SS Mallikarjuna Rao, the MD and CEO of PNB have been extended until 31st January 2022, the date of his superannuation.
- The term of Atul Kumar Goel, MD and CEO of UCO Bank has been extended for a period of 2 years.
- The term of A S Rajeev, MD and CEO of Bank of Maharashtra has been extended for a period of 2 years.
Note:
According to the government guidelines, the MD & CEO of a public sector undertaking is given a maximum tenure of 5 years.
Executive Directors:
The following Executive Directors received a extension for a period of 2 years beyond the expiry date of their notified term:
- Ajay K Khurana ED of Bank of Baroda
- A Manimekhalai ED of Canara Bank
- P R Rajagopal ED of Bank of India
The terms of the following EDs have been extended till the date of their superannuation:
- Sanjay Kumar and Vijay Dube, EDs of Punjab National Bank.
- Gopal Singh Gusain and Manas Ranjan Biswal EDs of Union Bank of India.
- Vikramaditya Singh Khichi ED of Bank of Baroda.
- Shenoy Vishwanath Vittal ED of Indian Bank.
- Alok Srivastava ED of the Central Bank of India.
Economic Advisor Lalit Kumar Chandel appointed on the board of Bank of Maharashtra
The government of India has appointed Lalit Kumar Chandel, Economic advisor of the Department of Financial Service, as Government of India nominee director on the board of Bank of Maharashtra with effect from 18th August 2021.
- He replaced Hrisheekesh Arvind Modak who has been on the board since May 2021.
Recent Related News:
On April 26, 2021, the Reserve Bank of India (RBI) through its circular – “Corporate Governance in Banks – Appointment of Directors and Constitution of Committees of the Board”, has fixed 15 years as the tenure for the Managing Director and Chief executive officers (MD & CEOs) or whole-time directors(WTDs) to hold their post in a bank.
About Punjab National Bank(PNB):
MD & CEO– S.S. Mallikarjuna Rao
Headquarters– New Delhi, India
Tagline-The name you can bank upon
Founded– 19th May 1894
Commenced Operations– 12th April 1895
About UCO Bank:
UCO Bank formerly known as the United Commercial Bank Limited.
MD & CEO– Atul Kumar Goel
Incorporated in 1943
Nationalized in 1969
Headquarters– Kolkata, West Bengal
About Bank of Maharashtra:
MD & CEO– A S Rajeev
Headquarters– Pune, Maharashtra
Incorporated on 16th September 1935
