At least a dozen executive directors have also been shortlisted.
The government is finalising appointment of at least nine public sector bank chiefs and a dozen executive directors who would replace them or fill existing vacancies.
Sources said Syndicate Bank CMD Basant Seth and Union Bank of India Executive Director S Raman were in the fray to replace AC Mahajan at Canara Bank.
In case Seth moves to Canara Bank, Raman will replace him at Syndicate Bank.
R Ramachandran, who is executive director at Syndicate Bank, is expected to move to Andhra Bank as CMD.
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In addition, HSU Kamath is expected to move from Canara Bank to Vijaya Bank.
Sources said the government was in the process of finalising candidates for Indian Overseas Bank, but a replacement for GS Vedi, who retires as CMD of Punjab & Sind Bank later this year, has not been finalised yet.
In addition, they said, a list of at least a dozen executive directors had also been finalised. Apart from Seth and Malla, who are already chairmen, other bank chiefs were appointed after a round of interviews conducted last week. Sources close to the appointment process said shortlisted candidates would be given the option soon.