Govt appoints Shanti Lal Jain as MD and CEO of Indian Bank for 3 years

The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years. 

Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier. 

Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31. 

The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank. The BBB—autonomous body for improving governance and boards of public sector financial institutions— had suggested Soma Sankara Prasad as the top candidate in the reserve list for the same position.