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Our Bureau

MR M.S. SUNDARA RAJAN TO HEAD INDIAN BANK

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New Delhi Feb. 14 With a number of public sector banks' chairmen set to superannuate in the next four to five few months, the Finance Ministry has cleared the decks for a host of top-level appointments including lateral placements to fill such vacancies.

Sources said that consent letters have also been issued for promotion of a number of executive directors (EDs) as chairman and managing directors (CMDs) of various banks. The Ministry has also approved elevation of a number of general managers as EDs, with the recent amendment in banking law requiring appointment of additional EDs in certain cases.

The Indian Bank CMD, Mr K.C. Chakrabarty, is expected to take over as the CMD of Punjab National Bank from June 1, after the superannuation of the incumbent CMD, Mr S.C. Gupta.

The Indian Bank Executive Director, Mr M.S. Sundara Rajan, is to take charge as the CMD of the bank after the movement of Mr Chakrabarty to PNB.

The Ministry has also approved the appointment of Mr S.A. Bhatt, currently Executive Director at UCO Bank, as the next CMD of Indian Overseas Bank in the place of Mr T.S. Narayanasami, who would move laterally as the CMD of Bank of India.

The BOI Chairman and Managing Director, Mr B. Balachandran, is to superannuate in end-April this year.

Oriental Bank of Commerce (OBC) would have a new CMD in Mr Alok Mishra, who is now the Executive Director at Canara Bank. The incumbent CMD of OBC, Mr K.N. Prithviraj, is to superannuate in end-March this year.

More Stories on : Public Sector Banks | People | Policy | Oriental Bank of Commerce

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