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S S Mallikarjuna Rao has been appointed the new Managing Director of Punjab National Bank , the country's second largest public sector bank.
Rao, who was the Managing Director & CEO of Allahabad Bank , will be at the helm of PNB till September 18, 2021 or until further orders, whichever is earlier, according to an order issued by the Finance Ministry.
He had been the chief executive of Allahabad Bank since September 2018. Prior to that, Rao was the executive director at Syndicate Bank from September 2016.
Rao is assuming charge at a time when PNB has just emerged out of a ₹13,000 crore fraud that shook the bank. He also now has to deal with the proposed merger of Oriental Bank of Commerce and United Bank of India with PNB, which will post the three-way amalgamation from April 1 next year become the second largest public sector bank in India.
Read more:Merged entity of PNB, OBC and United Bank to become operational by next April
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