Ashwini Kumar may move to BoB; Six EDs identified to fill up vacancies in FY15
The Union finance ministry has shortlisted the names of executive directors (EDs) likely to head public sector banks (PSBs) in 2014-15.
Six PSBs will see its chairmen and managing directors (CMDs) retiring in 2014-15 -- Bank of Baroda (BoB), Indian Overseas Bank (IOB), Canara Bank, Oriental Bank of Commerce (OBC), Vijaya Bank and United Bank of India.
The selection panel of, among others, Anand Sinha, deputy governor, Reserve Bank of India and Rajiv Takru, secretary, financial services in the ministry of finance, interviewed 19 EDs last week.
Sources indicate Arun Srivastava, an ED in Bank of India has been identified to head IOB, S K Kalra of Andhra Bank might get the charge of Canara and B B Joshi of BoB might head for OBC. R K Goel of Central Bank of India might get Vijaya Bank and M K Jain of Punjab & Sind bank may get the top job in Kolkata-based United Bank.
Aswini Kumar, who is CMD of Dena Bank, might get a chance to lead BoB, as the finance ministry is contemplating a return to the process of lateral transfers. The system of appointing CMDs in small PSBs to larger ones had been stopped since last year. The vacancy at Dena Bank will then be filled by Arun Tiwari, an ED at Allahabad Bank.
For the present round of selection, the ministry had relaxed the norms for selection of CMDs. The norm that a candidate needed to complete a year as ED to become eligible was relaxed. However, the criterion for residual service of two years of a candidate remained.
The first vacancy will come only in August 2014, after the general elections, when the BoB and IOB top posts become vacant. Though the candidates have been identified, clearance from the Central Vigilance Commission can only be had a month or two prior to the appointment.
THE HOT SEAT
Six PSBs whose chairmen and managing directors are retiring in 2014-15
* Bank of Baroda
* Indian Overseas Bank
* Canara Bank
* Oriental Bank of Commerce
* Vijaya Bank
* United Bank of India
Stamp duty relaxation does not find any mention in central bank's framework for setting up a Wholly-Owned Subsidiary