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The government has not extended the term of UCO Bank Chairman and Managing Director Arun Kaul, which expired on Monday. Kaul still had eight months to attain the age of superannuation, which is 60 years.
Kaul was appointed CMD of the Kolkata-based lender on September 1, 2010, for five years. Last year, the government had declined to extend Punjab National Bank CMD K R Kamath’s term, though he was eligible. However, T M Bhasin, former chairman and managing of Indian Bank, got a 16-month extension, after completing five years at the Chennai-based lender on March 31. In June, the government appointed Bhasin as vigilance commissioner in the Central Vigilance Commission, and he was handed a four-year term.
UCO Bank joins the list of public sector banks which are yet to have a chief executive.
The top post in Andhra Bank and Indian Bank are also vacant.
The government has decided to split the CMD's post into non-executive chairman and managing director. Recently, appointments were made in five large banks. The finance ministry has said the vacancies will be filled “as early as possible”.
