The Appointments Committee of the Cabinet (ACC) has approved the appointment of new heads of the Bank of Baroda (BoB) and Bank of India (BoI).

Debadatta Chand, currently serving as executive director of the BoB, has been appointed as MD of the Bank of Baroda (BoB) while Rajneesh Karnatak is the new CEO of the Bank of India (BoI). Their appointments to the respective posts will be effective for three years.

In his new role, Debadatta will succeed Sanjiv Chadha who is set to retire on June 30. Chadha has been at the helm of the Bank since January 2020. Debadatta is expected to assume the new role on or after July 1, 2023, or until further orders, whichever is earlier.

Karnatak’s appointment as chief of BoI is expected to come into effect from the date of assumption of office until further orders, whichever is earlier. BoI’s CEO post has been lying vacant since AK Das’s retirement as MD and CEO of the bank in January this year. Das served as chief of the BoI for a period of three years.

Earlier, Rajneesh was working with the Union Bank of India as the executive director.