Govt appoints K R Kamath as CMD of PNB

Allahabad Bank Chairman and Managing Director K R Kamath has been appointed as the chief of the country's second largest public sector lender, Punjab National Bank (PNB).

The notification for the appointment as the Chairman and Managing Director was issued today, official sources said.The post of CMD in PNB fell vacant after its head K C Chakrabarty was appointed as RBI Deputy Governor in June this year.

Kamath, who was appointed the CMD of Allahabad Bank in August 2008, had worked as the Executive Director of Bank of India. Meanwhile, J P Dua, currently executive director of Allahabad Bank, is tipped to be promoted as the head of the Kolkata-based bank.

PNB, with a network of over 4,600 branches across the country, recorded a net profit of Rs 3,091 crore in 2008-09.The bank, with 3.8 crore customers, posted a 62.39 per cent rise in net profit at Rs 832.05 crore for the first quarter of the current fiscal.

Total income of the bank increased to Rs 6,177.58 crore during the April-June quarter from Rs 4,594.62 crore in the corresponding period a year-ago.