NEW DELHI:As part of the banking reform, the government on Friday decided to separate the post of chairman and managing director, following the global standards. Along this line, Bank of Baroda and Canara Bank became the first state-owned banks to be headed by private sector professionals as government announced appointment of MD and CEOs of five PSU lenders.
“The selection process for both these positions has been transparent and meritocratic. The entire process of selection for MD and CEO was revamped,” the Finance Ministry said. Three stage screening was done for the MD’s position culminating into final interview by three different panels.
Managing Director and CEO of VBHC Value Homes Pvt Ltd P S Jayakumar (53) has been selected to head Bank of Baroda. MD and CEO of private sector lender The Laxmi Vilas Bank Rakesh Sharma (57) will head Canara Bank.
M O Rego (Deputy MD, IDBI Bank), Kishore Kharat Piraji (Executive Director, Union Bank of India), and Usha Ananthasubramanian (CMD, Bhartiya Mahila Bank) are the new MD and CEOs of Bank of India, IDBI Bank and Punjab National Bank, respectively.
Hasmukh Adhiya, financial services secretary, announced the appointments of non-Executive Chairman at Bank of Baroda, Canara Bank, Bank of India, Vijaya Bank and Indian Bank.
Ravi Venkatesan (51), Independent Director, Infosys has been appointed as Non-Exeuctive Chairman of Bank of Baroda. T N Manoharan (59), Director, Tech Mahindra, Public Health Foundation is non-Executive Chairman of Canara Bank.
G Padmananbhan (Retired ED of RBI), G Narayanan (Retired ED, Indian Overseas Bank) and T C V Subramainian (retired CMD, Exim Bank) have been appointed as non-Executive Chairman of Bank of India, Vijaya Bank and Indian Bank, respectively.
“The approach is based on global best practices and as per the guidelines in the Companies Act to ensure appropriate checks and balances,” the Finance Ministry said.