Money & Banking

Mallikarjuna Rao takes charge asPunjab National Bank MD & CEO

Our Bureau New Delhi | Updated on October 03, 2019 Published on October 03, 2019

Will have to deal with bank merger issues, scars of Nirav Modi case

SS Mallikarjuna Rao assumed charge on Thursday as the Managing Director and Chief Executive Officer of Punjab National Bank, the country’s second-largest public sector bank.

Rao, who was the Managing Director & Chief Executive Oficer of Allahabad Bank, will be at the helm of PNB till September 18, 2021 or until further orders, 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 assumes charge at a time when PNB has just emerged out of a ₹13,000-crore fraud, in the Nirav Modi case, which shook the bank.

He now has to deal with the proposed merger of Oriental Bank of Commerce and United Bank of India with PNB, which will become effective from April 1, 2020.

Rao has been a professional banker for over 34 years. He has vast exposure in credit recovery, treasury, information technology, management information system, alternate delivery channels and marketing.

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Published on October 03, 2019
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