Govt approves extension of terms of three MD-CEOs, 10 EDs of PSU banks

Mallikarjuna Rao of PNB, Atul Kumar Goel of UCO Bank and A S Rajeev of Bank of Maharashtra are the three MD-CEOs to have got extensions

The Appointments Committee of the Cabinet (ACC) has accepted the proposal of the Department of Financial Services (DFS) to extend the tenure of three managing directors and chief executive officers (MDs and CEOs) and ten executive directors (EDs) of public sector banks.

The ACC has approved the extension of tenure of S S Mallikarjuna Rao, MD and CEO of Punjab National Bank, until January 31, 2022, when he is due for superannuation.

The appointments panel has also approved a two-year extension for Atul Kumar Goel, MD and CEO of UCO Bank as well as A S Rajeev, MD and CEO of Bank of Maharashtra.

The DFS had written to the Department of Personnel and Training (DoPT) suggesting the extension of tenure of MDs and EDs of public sector banks to ensure stability and continuity at state-owned lenders amid the pandemic even as the Banks Board Bureau identifies new candidates for the role of bank chiefs.

The ACC has also approved a two-year extension to Bank of Baroda ED Ajay K Khurana, ED of Canara Bank A Manimekhalai and P R Rajagopal, Bank of India ED. Terms of Sanjay Kumar and Vijay Dube (Punjab National Bank), Gopal Singh Gusain and Manas Ranjan Biswal (Union Bank of India), Vikramaditya Singh Khichi (Bank of Baroda), Shenoy Vishwanath Vittal (Indian Bank), and Alok Srivastava (Central Bank of India) as EDs have been approved for an extension until their age of superannuation.

The DFS, in a letter to DoPT, had also suggested extending the term of Shanti Lal Jain, the former ED of Bank of Baroda for two years. However, earlier this month, Jain was appointed the MD and CEO of Indian Bank for a period of three years.