The government has allowed Indian Bank to increase the number of posts of executive directors from three to four.
It maybe recalled that the Department of Financial Services (DFS) in the Finance Ministry had, in August 2019, said nationalised banks with total business of ₹10 lakh or more as per the last declared results should have four executive directors.
DFS on Monday conveyed to Indian Bank’s senior management the government’s approval to increase the number of posts of executive directors in Indian Bank from three to four, sources said.
Indian Bank had assumed control of Allahabad Bank on April 1, 2020. The merger then had created a combined entity with business mix of over ₹8-lakh crore and catapulted it to the seventh largest among banks.
Indian Bank’s total business grew 9 per cent, reaching the level of ₹10,48,772 crore as of end December 2022 as against ₹9,63,007 crore in December 2021.