Gauri Shankar gets elevated at Punjab National Bank

The government gave additional charge as Managing Director and CEO of Punjab National Bank (PNB) to Gauri Shankar, the senior most executive director at the bank.

Shankar has been entrusted the additional charge with immediate effect, PNB said in a statement.
A notification to this effect has been issued by Department of Financial Services, it added. The post of full-time Managing Director and CEO has been vacant since November, when the then Chairman and Managing Director K R Kamath failed to get extension from the government.
As per the government rules, the CMD and Directors are appointed in public sector entities for a period of five years or up to the age of 60, whichever is earlier.
PNB, the second largest public sector bank by assets, meanwhile, said it has raised Rs 1,000 crore through long term bonds on private placement basis.
“The bank has raised Rs 1,000 crore long term bonds at an annual coupon of 8.23 per cent on private placement basis on Monday, through five arrangers,” the bank said in a BSE filing.