Banking

Government Shuffles Management of Seven Public Sector Banks

The move comes on the same day the President promulgated an ordinance aimed at tackling the bad loan crisis in India’s public sector banks.

New Delhi: The government on Friday appointed new managing directors and chief executive officers for seven public sector banks, which included the appointment of R Subramaniakumar as the managing director (MD) and chief executive officer (CEO) of the Indian Overseas Bank (IOB).

Subramaniakumar is at present executive director (ED) at IOB. An order issued by the Department of Personnel and Training (DoPT) said he will hold the charge of the post till June 30, 2019.

The Appointments Committee of the Cabinet has approved these appointments.

Rajkiran Rai G will be the new managing director and chief executive officer of Union Bank of India. He is currently working as the executive director of the Oriental Bank of Commerce. His appointment is for an initial period of three years, the order said.

Sunil Mehta, the Executive Director in Corporation Bank, will be the new MD and CEO in the Punjab National Bank in place of Usha Ananthasubramanian. Usha A has been moved out of the PNB to the Allahabad Bank as its new MD and CEO. She will hold the charge of the new post till August 31, 2018, it said.

Dinabandhu Mohapatra will be the new MD and CEO of the Bank of India in place of M O Rego who has been moved to the Syndicate Bank in the same capacity. Mohapatra is currently executive director in  Canara Bank.

R A Sankara Narayanan, ED at Bank of India, will be the managing director and chief executive officer of Vijaya Bank.