Government appoints top PSU bank executives

SK Jain has been appointed CMD of Syndicate Bank, Rajiv Rishi as CMD of Central Bank of India and SB Mainak has been named as MD of LIC

The government on Monday made three top appointments for public sector financial firms. S K Jain has been appointed chairman and managing director (CMD) of Syndicate Bank, Rajiv Rishi as CMD of Central Bank of India and S B Mainak has been appointed as MD of Life Insurance Corporation of India (LIC).

S B Mainak was Executive Director-Investments at Life Insurance, and will take over as the new managing director of LIC. Thomas Mathew, who was earlier the managing director and then interim chairman before S K Roy took over the post, retired last month. Apart from Mainak, LIC has Sushobhan Sarkar as another managing director. Mainak will take charge tomorrow.

Born in 1956 in Mumbai, Mainak is a chartered accounted by qualification. He joined the services of LIC in 1983 as a direct recruit under CA batch. He has a wide experience in the field of finance, investments and portfolio management.

Rajiv Rishi, executive director at Indian Bank, will take charge as Central Bank of India's CMD on August 1. He will take over from M V Tanksale. Rishi has been an executive director of the bank since October 2010. Before joining Indian Bank, he was the general manager of Oriental Bank of Commerce. He holds a degree in BA, LLB.

S K Jain, executive director at Bank of Baroda, will take over as CMD of Syndicate Bank. Jain assumed charge as ED of BoB in June 2012. Prior to his elevation as executive director, Jain was a general manager at Dena Bank. Jain is a graduate in commerce and a qualified chartered accountant. He started his banking career as a credit manager in Dena Bank in June 1987.

Finance ministry officials said there were two more vacancies for the post of the managing director at LIC.

HIRING AT THE TOP

* S K Jain appointed CMD of Syndicate Bank
* Rajiv Rishi is CMD of Central Bank of India

* S B Mainak is now MD of Life Insurance Corporation