Three PSU banks to get new bosses this fiscal

The government is set to appoint three new Chairman and Managing Directors (CMD) for the various public sector banks in the current fiscal.

The appointments in 2009-10 would include the CMDs of Syndicate Bank, Bank of India and United Bank of India, sources said.

These appointments will be there because of vacancy arising on account of superannuation of the existing chiefs, sources said.

Although the term of Indian Bank chief comes to an end on March 31, 2009, the appointment would take place in the next fiscal, sources added.

The term of Syndicate Bank CMD ended on April 30 while Bank of India Chairman and Managing Director T S Narayanasami retired on superannuation on May 31, 2009.

At the same time, the CMD of Kolkata-based United Bank of India and Indian Bank chief are set to retire in February and March of 2010.

According to sources, the vacant post of the CMDs would either be filled with the elevation of the Executive Director or lateral movement of CMDs.

There is a precedence that chiefs of the smaller banks move to bigger banks.

For example, Narayanasami who retired on May 31 was heading Indian Overseas Bank before moving to Bank of India in June, 2007.

Narayanasami was also CMD of Andhra Bank before joining Chennai-based Indian Overseas Bank.

Last fiscal, the government appointed as many as 9 new CMDs. These included heads of Bank of Baroda, Allahabad Bank, Vijaya Bank and Syndicate Bank.

In addition, Canara Bank, Corporation Bank, United Bank of India, Andhra Bank and Bank of Maharashtra got new CMDs in the 2008-09.