18 public sector banks to go headless in two years

 Also, none of the present executive directors who are set to take over as chairmen in some of the banks have only five years of service left. The tenure for a chairman of a public sector bank is five years.

 Two bank chairmen are set to retire in December 2003, three will retire by October 2004 and as many as nine will vacate their office by September 2005.

 Three chairmen will leave their present posts by November 2006. Out of the 19 banks half as many of the present chairmen will not be able to serve any bank for their full tenure of five years.

 As many as five executive directors from all these banks at present will not be eligible for chairmen