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Modi government extends tenure of three public sector banks’ MDs

The Bank Boards Bureau has called for applications for the post of managing director (MD) and chief executive officer (CEO) for Punjab National Bank (PNB) last month only.

Published: 27th August 2021 04:35 AM  |   Last Updated: 27th August 2021 10:34 AM   |  A+A-

Bank, Banks

For representational purpose. (Photo | PTI)

Express News Service

NEW DELHI:  Even as the Banking Board Bureau had shortlisted the name of candidates for the post of MD and CEO of three public sector banks, Centre has decided to extend the tenure of existing heads of Punjab National Bank, UCO Bank and Bank of Maharashtra and also sought to extend the tenure of ten executive directors in various PSBs.

The Department of Financial Services (DFS) had written to the Department of Personnel and Training (DoPT) suggesting the extension of tenure of SS Mallikarjuna Rao, MD and CEO of Punjab National Bank. Rao, who had managed the merger of the bank, was due for retirement on September 18 this year. Now his term will be till January 31, 2022.

DFS has also sought two-year extension for Atul Kumar Goel, MD and CEO of UCO Bank Kumar who was to retire on November 1, 2021 and A S Rajeev, MD and CEO of Bank of Maharashtra, who was set to retire on December 1, 2021.

The DFS has also sought two year extension to Bank of Baroda ED Ajay K Khurana, Canara Bank ED, A Manimekhalai, Bank of India ED, P R Rajagopal, and extension to tenure of Sanjay Kumar and Vijay Dube (Punjab National Bank), Gopal Singh Gusain and Manas Ranjan Biswal (Union Bank of India), Vikramaditya Singh Khichi (Bank of Baroda), Shenoy Vishwanath Vittal (Indian Bank), and Alok Srivastava (Central Bank of India) as EDs until their superannuation.

The Bank Boards Bureau has called for applications for the post of managing director (MD) and chief executive officer (CEO) for Punjab National Bank (PNB) last month only.

Sources in the DFS said that the extension was sought for PNB, as they were yet to get a right candidate and they did not want to disrupt the recovery process of the banks.

The bank had closed fiscal 2020-21 with a net profit of Rs 2,022 crore, which they expect to be double in the current fiscal. DFS said that the extension will help in continuity of banking reforms process, which has been initiated by the finance ministry in last two years.

Tenure extension 

  • SS Mallikarjuna Rao, MD and CEO of Punjab National Bank, who was due to retire on September 18,2021, got extension till January 31, 2022.
  • Atul Kumar Goel, MD and CEO of UCO Bank, who was about to retire on November 1, 2021, got extension for two years.
  • AS Rajeev, MD and CEO of Bank of Maharashtra who was about to retire on Dec 1, 2021, 2021, got his tenure extended for two years.
  • 10 EDs of different banks have also been given extension.


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