Govt separates MD, chairman posts in PSBs

Names chiefs for four public sector banks

In a significant departure from the earlier practice, the government has decided to now separate the post of chairman and managing director of public sector banks (PSBs).

The current structure at the country’s largest PSBs, the State Bank of India (SBI), which is headed by a chairman and assisted by several managing directors, will continue.

“Hence forward, in the new appointments at PSBs, other than SBI, the chairman will be a part-time Board member who would preside over the meetings and will not be an executive chairman. The procedure for selection of a part-time chairman would be announced shortly,” the Finance Ministry said in a statement.

The government also named CEOs of four banks. R Koteeswaran, Executive Director, Bank of India has been appointed as MD and CEO of Indian Overseas Bank (IOB).
Animesh Chauhan, ED of Central Bank of India, will head Oriental Bank of Commerce (OBC).

Kishore Kumar Sansi, who is currently ED (Punjab and Sind Bank) will be the new MD and CEO of Vijaya Bank, while P Srinivas moves from Bank of Baroda (BoB) to United Bank of India as MD and CEO.

The appointments will be for three years or till the date of superannuation, whichever is earlier, the statement said. The government did not name a replacement for Syndicate bank Chairman and MD S K Jain, who was allegedly involved in a  graft case. “The appointment in one more bank i.e. Syndicate Bank is still under consideration of government and would be decided shortly,” the statement said.