Former Dena Bank MD Karnam Sekar has taken over as the new Managing Director and CEO of Indian Overseas Bank from today. He replaces R Subramaniakumar, who was instrumental in taking measures to turn around the bank, which has been reporting loses due to high NPA.
Sekar was on Special Duty and has been a whole-time director of the Bank since April 2019.
His appointment will come into effect on July 1, 2019.
Prior to joining IOB, he was MD & CEO of Dena Bank, a position he held till March 31 this year. Before that, he was Deputy MD and Chief Credit Officer in State Bank of India, heading its Highest Credit Committee.
At SBI, he was also responsible for forumlating the loan policy of the bank.