 "Top posts at four govt banks still vacant")
The chairman and managing director (CMD)’s post in four public sector banks remain vacant as the government is yet to make the appointments, though selections were made by the previous UPA regime.
Among the four banks, the top position at Kolkata-based United Bank of India (UBI) has been lying vacant since February, after Archana Bhargava resigned about a year before her scheduled retirement. Mukesh Kumar Jain, the executive director of Punjab & Sind Bank, was reportedly identified by the previous regime at the Centre for the top job at UBI.
Bangalore-based Syndicate Bank’s top post fell vacant unexpectedly earlier this month after its CMD SK Jain was suspended following his arrest by the Central Bureau of Investigation (CBI) over alleged graft charges. The government is yet to decide on the replacement and the executive directors have been given the charge — a similar arrangement adopted by the previous government after UBI’s Bhargava resigned.
While Bank of India’s Executive Director Arun Srivastava was scheduled to head IOB, Dena Bank’s CMD Ashwini Kumar was tipped to become CMD of Bank of Baroda.
The government follows the practice of lateral transfer of CMDs in large banks, though there have been exceptions.
There has been reports that the present government was reviewing the decision of the previous one regarding all future appointments in public sector banks. The government is also planning to split the chairman and managing director's post in public sector banks.
A search panel headed by the RBI governor — which includes members from the finance ministry (typically the financial services secretary) — selects the top candidates, which is then is sent to the appointment committee of the Cabinet for its approval. The committee is headed by the prime minister.
Among the four banks, the top position at Kolkata-based United Bank of India (UBI) has been lying vacant since February, after Archana Bhargava resigned about a year before her scheduled retirement. Mukesh Kumar Jain, the executive director of Punjab & Sind Bank, was reportedly identified by the previous regime at the Centre for the top job at UBI.
Bangalore-based Syndicate Bank’s top post fell vacant unexpectedly earlier this month after its CMD SK Jain was suspended following his arrest by the Central Bureau of Investigation (CBI) over alleged graft charges. The government is yet to decide on the replacement and the executive directors have been given the charge — a similar arrangement adopted by the previous government after UBI’s Bhargava resigned.
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Indian Overseas Bank (IOB) and Bank of Baroda (BoB) have been without a CMD since July following M Narendra’s retirement from IOB and BoB’s S S Mundra of BoB being appointed Reserve Bank of India deputy governor.
While Bank of India’s Executive Director Arun Srivastava was scheduled to head IOB, Dena Bank’s CMD Ashwini Kumar was tipped to become CMD of Bank of Baroda.
The government follows the practice of lateral transfer of CMDs in large banks, though there have been exceptions.
There has been reports that the present government was reviewing the decision of the previous one regarding all future appointments in public sector banks. The government is also planning to split the chairman and managing director's post in public sector banks.
A search panel headed by the RBI governor — which includes members from the finance ministry (typically the financial services secretary) — selects the top candidates, which is then is sent to the appointment committee of the Cabinet for its approval. The committee is headed by the prime minister.