Punjab & Sind Bank, IoB chiefs likely to get extended tenures soon

"Granting extension of tenures to PSB & IOB MDs is at a final stage. Both MDs have two years of services left. The final notification will come soon," said the source

The Union government is likely to extend tenures of managing directors (MDs) and chief executive officers (CEOs) of Punjab & Sind Bank and Indian Overseas Bank (IOB), said a senior government official on the condition of anonymity. While the tenure of Punjab & Sind Bank MD & CEO Swarup Kumar Saha ends on June 2, IOB’s Ajay Kumar Srivastava service concludes on December 31. 

 

“Granting extension of tenures to Punjab & Sind Bank & IOB MDs is at final stage. Both MDs have two years of service left. The final notification will come soon,” the source said. 

 

Saha took charge on June 3, 2022. Prior to this, he was the executive director (ED) at Punjab National Bank. Saha, whose banking career began in 1990 at the erstwhile Oriental Bank of Commerce, has over three decades of experience across various banking domains, including treasury, international banking, and risk management. 

 

Srivastava, who assumed his current role on January 1, 2023, commenced his banking career as Allahabad Bank’s probationary officer in 1991. After serving over 27 years, he joined IOB in October 2017.  

 

However, Union Bank of India MD & CEO A Manimekhalai is unlikely to get an extension, the source added. Although Manimekhalai's tenure ends on June 2, her actual retirement is due in March 2026. The Centre has communicated the same to the Financial Services Institutions Bureau (FSIB), the head-hunter for directors of state-owned banks and other financial institutions. FSIB is expected to conduct the fresh interviews between May 27 and May 30. 

The FSIB will also hold interviews for Central Bank of India’s MD & CEO position as the tenure of M V Rao is scheduled to end on July 31. 

 

The Ministry of Finance needs to identify candidates for 25 key leadership positions across major public-sector financial institutions this year. FSIB is required to conduct interviews and prepare a candidate shortlist.

 

This list will then be forwarded to the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, for approval. After the ACC clears the appointments, the Department of Personnel & Training notifies the names of the selected candidates.

 

“There are more than 22 applications for the posts of MD and ED in different public-sector banks,” another source said. The FSIB may also conduct interviews for the same. Canara Bank ED Debashish Mukherjee’s tenure will end on May 31, and IOB ED Joydeep Dutta Roy’s in October, another source said. 

 

FSIB on May 14 and 16 conducted interviews of 16 candidates from various non-life public-sector insurers for the positions of ED in Agriculture Insurance Company of India, General Insurance Corporation of India, and Oriental Insurance Company.