Govt appoints 10 executive directors to public sector banks for 3 years

November 20, 2022

The union government decided to increase the term of wholetime directors in public sector banks, including MD & CEOs, to 10 years, from five years

Days after the government increased the tenure of whole-time directors in public sector banks to 10 years, ten executive directors have been appointed to public sector banks for a three-year period, subject to a review after two years.

These are: Lalit Tyagi (Bank of Baroda), Binod Kumar (Punjab National Bank), Ashok Chandra (Canara Bank), Ramasubramanian (Union Bank), Mahesh Bajaj (Indian Bank), M Paramasivan (PNB), Subrat Kumar (Bank of India), Malladi Venkat Murali Krishna (Central Bank of India), Rahendra Saboo (UCO Bank), and Sanjay Mudaliyar (Indian Overseas Bank).

The union government on Friday decided to increase the term of wholetime directors in public sector banks, including MD & CEOs, to 10 years, from five years, a move aimed to bring in younger talent in the top position.

A candidate can be appointed for 5 years initially, which can be extended for another five years, the government said in a Gazette on Thursday. This is also applicable for executive directors who are also wholetime directors.

[The Business Standard]