Govt appoints L V Prabhakar as MD of Canara Bank

The government on Friday announced appointment of L V Prabhakar as managing director and CEO of Canara Bank.

He will replace R A Sankara Narayanan who demits office on January 31.

The central government appoints L V Prabhakar as MD and CEO with effect from February 1, 2020, and up to the date of his attaining the age of superannuation December 31, 2022 or until further orders, an official order said.

Prabhakar, currently executive director at Punjab National Bank. Prior to joining PNB in 2018, he served Allahabad Bank in various capacities.

He took over the reins of Executive Director PNB at a tumultuous time when Nirav Modi fraud was unearthed. For a long period of time he single-handedly managed the responsibilities of three executive directors.

He has spearheaded recovery efforts of the bank. During his tenure, the gross domestic business increased by Rs 1 lakh crore to landmark figure of Rs 11.45 lakh crore with gross recovery of more than Rs 20,000 crore.

His zest for perfection and workmanship was exemplified by the fact that for a long period of time he single-handedly managed the responsibilities of three Executive Directors & brought the Bank back on upward trajectory.

He has also been serving on Board of PNB Housing Finance Ltd. & PNB MetLife India Insurance Company as non-executive director.