The government is set to appoint executives from the private sector to head two of India's public sector banks (PSB), including one of the biggest — Bank of Baroda — initiating a major reform of the state-run part of the banking sector. In all, the finance ministry has sought approval for the appointment of heads of five PSBs. PS Jayakumar of Value & Budget Housing Corporation is likely to head the country's second-biggest state-run bank — Bank of Baroda (BoB) — while Rakesh Sharma of Laxmi Vilas Bank could head Canara Bank.

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