Canara Bank's Executive Director Matam Venkata Rao appointed as new MD & CEO

Public-sector lender Canara Bank on Monday said its Executive Director Matam Venkata Rao has been appointed as the new MD & CEO of Central Bank of India.

The central government through a gazette notification on February 26, 2021, has appointed Matam Venkata Rao, Executive Director, Canara Bank, as Managing Director and Chief Executive Officer in Central Bank of India for a period of three years, Canara Bank said in a regulatory filing.

Rao's appointment in the Central Bank of India will be effective from the date of assumption of office on or after March 1, 2021, or until further orders, whichever is earlier, said the lender.

"He ceases to be the Executive Director of Canara Bank with effect from March 1, 2021," Canara Bank said.

In May last year, the Banks Board Bureau had recommended Rao to be the new MD & CEO of the Central Bank of India.

Rao's appointment is in lieu of M D Pallav Mohapatra, who retired as the MD & CEO of Central Bank of India on February 28, 2021.

Stocks of Canara Bank were trading at Rs 155.60 apiece on BSE, down 0.89 per cent. The Central Bank of India scrip was trading at Rs 18.70, down 2.81 per cent on BSE.