The government yesterday appointed the heads of 10 state-run banks, which included five from SBI alone. The appointments committee of the cabinet headed by Prime Minister Narendra Modi approved the appointments to the post of managing directors and chief executive officers of these banks, as per a government notification.
Following are the appointments-
- Pallav Mohapatra will head Central Bank of India
- J Packirisamy will be the chief of Andhra Bank
- Mrutyunjay Mahapatra has been chosen to head Syndicate Bank
- Padmaja Chundru will head Indian Bank
- Karnam Shekhar has been appointed to head Dena Bank with tenure until June 2020 despite the latest proposal to merge the bank with Vijaya Bank and Bank of Baroda, which is expected to be completed within a year
- A. S. Rajeev, executive director at Indian Bank has been named as the MD and CEO of Bank of Maharashtra
- Ashok Kumar Pradhan, ED of United Bank of India has been appointed as the head of the same bank
- S S Mallikarjuna Rao, ED at Syndicate Bank has been appointed MD and CEO of Allahabad Bank
- Atul Kumar Goel, ED at Union Bank of India has been appointed as MD and CEO in UCO Bank
- S Harisankar, ED at Allahabad Bank has been appointed to head Punjab & Sind Bank
Their appointments come more than two months after they were recommended by the Banks Board Bureau, an advisory body formed by the government for top-level appointments in the banks. Most of these posts have been lying vacant for months hindering effective decision making at the top in these banks that have been struggling with bad loans and massive losses.
While few have a tenure until their retirement, others have been appointed for three years with an option to extend by two years. For instance, Mahapatra and Chundru will have a tenure till the date of their superannuation, i.e. May 31, 2020, and August 31, 2021, while Mohapatra and Packirisamy's tenure will last till February 28, 2021. Similarly, Shekhar will be the MD and CEO of Dena Bank until June 30, 2020.