Race On For Directors Posts At Psbs

Over the next few months some 20-odd director berths at public sector banks (PSBs) is to be filled up and as usual there is a rush of applications for these jobs.

Corporation Bank shareholders have already cleared the appointment of four new directors. The list includes Life Insurance Corporation's acting chairman A Ramamurthy, who is due to retire in the next few days, and executive director S B Mathur, tipped to take over as the new head of India's largest insurance company.

Also elected on the bank's board is a former bureaucrat V K Chanana, former general manager of the bank K K J Pillai and chartered accountant S Ravi, who is also a director on IFCI's board. Next to appoint directors is Punjab National Bank, which went public earlier this year. About a dozen applications have been received for election for the two director posts.

Interestingly, as a result of PNB's decision to go public, two directors, who had been appointed six months back, will have to relinquish office.

Vijaya Bank, Oriental Bank of Commerce, Bank of India, Bank of Baroda and Dena Bank will also go in for election of four new directors and over a period ending January next year.

With half-a-dozen other public banks slated to go public over by the end of the current financial year, the election process is set to find more recognition and the number of government nominees on the board of public sector banks is set to go down.

Election to PSB boards are, however, at times fraught with controversy as was the case last year with the election of Indian Overseas Bank directors after the bank came out with an IPO in 2000. The appointment on public banks have always generated lot of interest among various quarters including government officials and chartered accountants.

Last year over 1,000 applications were received for appointment on the boards of various state-run banks.