'Delay in CMDs' appointments affecting operations'

Banking industry sources said the post of CMD in Syndicate Bank is lying vacant for some time and the top slot in certain public sector banks such as Vijaya Bank and Andhra Bank will fall vacant in a month's time, but government has yet to make an announcement about new appointments.     

"Banking industry is going through a critical phase and the going is becoming more and more tough nowadays with interest rates moving northward. At this stage, it may not be fruitful to keep the top posts vacant as this delays in the decision making process of individual banks," said senior official in a public sector bank.     

 

Unlike in the past, process of appointments has been delayed leading to uncertainty in banks, which have to take decisions on interest rate after hike in repo rate and CRR by the Reserve Bank last week.     

However, Allahabad Bank Chairman and Managing Director A C Mahajan is set to join Canara Bank as its CEO. Its present CMD MBN Rao superannuates today.     

While the CMDs of Vijaya Bank and Andhra Bank