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.

Comments

 

Other News

Gandhian movement after Gandhi failed: Ram Guha

The Gandhian movement in India, after Gandhi’s death, failed, says Ramachandra Guha, and blames Vinoba Bhave for it. But the movement found new, fertile grounds around the world and succeeded in bringing about a change in South Africa, the US and elsewhere. It is high time it returned home. Of cour

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter