Government Shuffles The Top Deck At Seven Public Sector Banks
Appointments came on a day the ordinance giving sweeping powers to the RBI for bad loan resolution was notified.
The Department of Financial Services under the finance ministry has made sweeping changes to the top rung of management at seven public sector banks, including sector heavyweights Punjab National Bank, Bank of India, and Union Bank.
The reshuffle came on a day an ordinance was notified to amend the Banking Regulation Act, giving the Reserve Bank of India sweeping powers for bad loan resolution.
Usha Ananthasubramanian, the managing director and chief executive officer (MD and CEO) at Punjab National Bank, will make way for Sunil Mehta, who is an executive director at Corporation Bank. Ananthasubramanian has been appointed MD and CEO at Allahabad Bank. The date on which this appointment will take effect has not yet been specified.
Melwyn Rego, MD and CEO at Bank of India, will be shifted to Syndicate Bank with immediate effect. In his place, the department has appointed Dinabandhu Mohapatra, who is an executive director at Canara Bank.
In the case of Union Bank, Rajkiran Rai, executive director at Oriental Bank of Commerce, will take charge as MD and CEO on or after July 1.
R Subramaniakumar, who is executive director at Indian Overseas Bank, will take charge as MD and CEO. He already had the additional charge prior to his appointment.
RA Sankara Narayanan, executive director at Bank of India, has been appointed MD and CEO at Vijaya Bank. He will take charge on or after September 1.
In 2014, the government had announced that it would be separating the posts of chairman and MD and CEO.
