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The Appointments Committee of the Cabinet (ACC) has approved the extension of the term of three Executive Directors (EDs) in various Public Sector Banks (PSBs).
The Department of Financial Services in the Finance Ministry had made these proposals based on the recommendations of the Banks Board Bureau (BBB).
While Matam Venkata Rao, Executive Director of Canara Bank, has been given an extension of two years -- beyond his earlier term that expired on October 8, the term of Ajay Kumar Srivastava, Executive Director of Indian Overseas Bank, has also been extended by two years from the same date.
The ACC has also approved the extension of the term of Debashish Mukherjee, Executive Director of Canara Bank for a period of two years from February 18, 2021 -- when his current term is due to expire, according to an executive order issued by the Department of Personal Training.
Meanwhile, Rajesh Kumar Yaduvanshi, who was Executive Director at Punjab National Bank ceased to be director on the Board of PNBB from Friday on completion of his tenure on October 8, sources said.
It may be recalled that the BBB had recently recommended names of 13 General Managers and Chief General Managers for being appointed as Executive Directors in various PSBs. These thirteen names have since been alloted banks in eleven PSBs, sources added.
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