PNB appoints Rakesh Sethi as executive director

State lender Punjab National Bank today said Rakesh Sethi has been appointed as the bank's executive director for a period of five years.

Sethi's appointment is effective from January 1 and comes following the departure of Nagesh Pydah a day earlier, Punjab National Bank (PNB) said in a filing to the Bombay Stock Exchange (BSE).

"Rakesh Sethi has joined on January 1, 2011, as executive director of the bank for a period of five years or until further orders, whichever is earlier...," it said.

Meanwhile, another public sector lender -- Punjab & Sind Bank -- today said Hari Chand Bahadur Singh, a part-time non-official director of the bank has resigned.

"...Hari Chand Bahadur Singh, part-time non-official director on the board of the bank has resigned and his resignation has been accepted by the competent authority," Punjab & Sind Bank said in a filing to the BSE.