New managing directors for four PSBs

Govt implements policy of splitting posts of chairman and MD and keeps SBI out of purview

shishir

Shishir Tripathi | December 31, 2014



The government has made appointments for the top posts at four public sector banks (PSBs)and implemented its new policy of bifurcation of the post of Chairman and MD and CEO.

R  Koteeswaran, executive director, Bank of India has been appointed as the MD and CEO of the Indian Overseas Bank . Animesh Chauhan, executive director, Bank of India has been appointed as the MD and CEO of the Oriental Bank of Commerce, Kishore Kumar Sansi, executive director, Punjab and Sind Bank has been appointed as the MD and CEO of the Vijaya Bank and P. Srinivas, executive director, Bank of Baroda has been appointed the MD and CEO of the United Bank of India

The appointment of the MD and CEOs is for a period of three years or till the date of superannuation.

According to ministry of finance, “in the new appointments of PSBs other than SBI, the chairman will be a part time board member who would preside over the board meetings and will not be an executive chairman”.  The procedure for selection of part time Chairman would be announced shortly.

According the ministry the appointment for the chief of Syndicate Bank is still under consideration of government and it would be decided very shortly.

For three 'A’ category entities - Bank of Baroda, Punjab National Bank and Canara Bank, the government has decided to go for a fresh selection procedure with a view to widen the search of candidates.  The procedure for this would be announced shortly.

Governance Now has earlier reported that delay in appointment of the heads of the banks was probably because government is contemplating to bifurcate the post of chairman and managing director in PSBs and adopt new selection procedure.

The splitting of the CMD post has been recommended by various committees and some of the past RBI governors.

In the month of October following the report of the committee constituted to examine the selection process adopted for the selections to the posts of CMDs/EDs of Public Sector Banks (PSBs) for the year 2014-15 NDA government canceled the then existing  selection process of CMDs/EDs of Public PSBs.

Also, according to finance ministry henceforward, in the new appointments of PSBs other than SBI, the Chairman will be a part time Board Member who would preside over the Board Meetings and will not be an Executive Chairman.

Current status
With Vijaya bank CMD retiring on December 31 total eight PSBs would have been without CMDs.  The vacant posts of CMDs were in Punjab National Bank, Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank of India and Syndicate Bank.

Out of which Indian Overseas Bank , Oriental Bank of Commerce , Vijaya Bank  and United Bank of India has got their new heads. Appointment to Syndicate bank is under consideration.

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