Government Appoints Heads Of Bank Of Baroda, Canara Bank, Bank Of India
Customers wait at counters at a public sector bank. (Photographer: Sondeep Shankar/Bloomberg News)

Government Appoints Heads Of Bank Of Baroda, Canara Bank, Bank Of India

The government said it’s filling the top-level vacancies at three large state-run banks—two of which have remained vacant for months—to help stabilise their operations.

Sanjiv Chadha has been appointed as the managing director and chief executive officer of Bank of Baroda, the government said in a statement today. Chadha is currently a deputy managing director at State Bank of India and is expected to take over his new role—which has remained vacant since October 2019—for a three-year term. The appointment will help the bank manage its merger with Dena Bank and Vijaya Bank, which became official on April 1, 2019, but is pending completion at the ground level.

Atanu Kumar Das, one of the three executive directors of Bank of India, will be taking over as the managing director and chief executive officer of the lender for a period of three years, the notification said. Das succeeds Dinabandhu Mohapatra, who retired on June 30, 2019.

Lingam Venkata Prabhakar, who currently serves as executive director at Punjab National Bank, will be appointed as managing director and chief executive officer of Canara Bank—which looks to merge with Karnataka-based Syndicate Bank. Prabhakar’s appointment will be effective when he takes on the role on or after Feb. 1, the government said. He will hold the position of chief executive officer at the Bengaluru-headquartered lender till Dec. 31, 2022, when he superannuates. The incumbent, RA Sankaranarayanan, will retire on Jan. 31.

Separately, the government also said that it’s appointing Challa Sreenivasalu Setty as managing director of State Bank of India for a period of three years. He was a deputy managing director at the bank, where he was leading its stressed asset resolution group. Setty’s new appointment can be renewed for an additional two years, on the basis of a performance review, the government said.

These appointments were recommended by the Banks Board Bureau in November 2019 and have now been accepted and notified by the government.

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