Govt appoints top PSU executives

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

SB Mainak, ED-Investments at Life Insurance will take over as the new Managing Director of LIC. Thomas Mathew, who was earlier the Managing Director and then became the interim chairman before SK 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 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 MV 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.

SK Jain, executive director at Bank of Baroda will take over as the 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 Manger 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 that there are two more vacancies for the post of the Managing Director at LIC. For the post of LIC Chairman, five candidates including LIC Managing Director Sushobhan Sarkar, LIC Housing Finance MD & CEO V K Sharma, apart from three executive directors S B Mainak, SK Roy and Usha Sangwan had appeared for the interview.