Syndicate Bank CMD Jain sacked

The government has terminated the services of S K Jain, chairman and managing director (CMD) of Syndicate Bank, a Mainpal-based public sector bank, with immediate effect.

The action came a day after a court extended his police custody till Tuesday. The government had placed Jain under deemed suspension from August 2 after the CBI arrested him along with others for allegedly taking a bribe of Rs 50 lakh for increasing the credit limit of some companies in violation of banking rules. The bank informed the BSE on Tuesday the central government under the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, had terminated Jain's term of office.

At the bank, the financial and administrative powers of CMD are being exercised with the approval of the board of directors/management committee of the Bank. This arrangement will remain in place till such time that a regular incumbent takes over the charge of CMD. Meanwhile, dxecutive directors are taking care of day to day operations of the bank.

At present four PSBs, including Bank of Baroda and Indian Overseas Bank, remain headless. The top position at Kolkata-based United Bank of India is vacant since February after Archana Bhargava put in her papers.

Bank of Baroda's CMD S S Mundra moved to Reserve Bank of India as deputy governor. At IOB, M Narendra retired at the end of July.

Two more vacancies will happen at end of this month as S L Bansal, CMD at Gurgaon-based Oriental Bank of Commerce and R K Dubey, CMD at Canara Bank, will demit office on completion their terms.