Canara Bank appoints MD & CEO

With effect from 11 September 2015

Canara Bank has informed BSE that in exercise of the powers conferred by clause (a) of sub-section (3) of section 9 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of clause 3 and sub-clause (1) of clause 8 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, the Central Government, after consultation with the Reserve Bank of India, has appointed Rakesh Sharma, MD&CEO of Lakshmi Vilas Bank, as MD&CEO of Canara Bank, for a period of three years with effect from the date of his assumption of charge of the post or upto 31 July 2018 ie.,till the date of his superannuation on attaining 60 years of age of or until further orders, whichever is earliest, vide notification dated 14 August 2015.

The appointment is subject to outcome of Writ Petition (C ) No. 225 of 2015 in the Supreme Court in the matter of K.D. Khera Vs Union of India & Others.

He has taken charge as Managing Director & CEO of the Bank w.e.f. 11 September 2015.

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