Govt appoints MDs, CEOs of seven public sector banks

Hours after empowering banks to deal with bad loan problems, the government on Friday appointed new managing directors (MD) and chief executive officers (CEOs) of seven public sector banks.

It also reshuffled PSB chiefs including the MD and CEO of the second largest state-owned lender Punjab National Bank.

The Appointment Committee of the Cabinet cleared the appointment of R Subramaniakumar as MD and CEO of the Indian Overseas Bank (IOB). Subramaniakumar is currently the Executive Director in the same bank. He will hold charge till June 30, 2019. IOB has the highest ratio of soared assets, but did not have a CEO at the helm since July 2016.

Rajkiran Rai G was appointed as MD and CEO of the Union Bank of India. He came from Oriental Bank of Commerce, where he worked as the Executive Director. He will hold the post for three years. Sunil Mehta, the Executive Director in Corporation Bank, will be the new MD and CEO in the Punjab National Bank in place of Usha Ananthasubramanian, who has been moved to Allahabad Bank in the same capacity. She will hold the charge of the new post till August 31, 2018.

Dinabandhu Mohapatra will be the new MD and CEO of the Bank of India in place of M O Rego, who has been moved to Syndicate Bank in the same capacity. Mohapatra is currently the Executive Director in Canara Bank.

Allahabad Bank R A Sankara Narayanan, Executive Director in Bank of India, will be the MD and CEO of Vijaya Bank.