 "Govt appoints non-executive chairmen in Bank of India, IOB, Uco Bank")
The government has appointed former chairman of Life Insurance Corporation of India MR Kumar as the non-executive chairman of public sector lender Bank of India. Kumar, under whom the insurance behemoth debuted in the capital markets, was at the helm till middle of March last year.
The government has also appointed Srinivasan Sridhar as the non-executive chairman of Indian Overseas Bank on the
condition that he resigns from the board of Bank of Baroda where he is shareholder director.
Aravamudan Krishna has been appointed non-executive chairman of Kolkata-based UCO Bank on the condition that he resigns from the board of Suraksha Asset Reconstruction Ltd. Krishna will be the first chairman of UCO since the chairman and managing director’s post was splitted in PSBs in 2015.
All the three have been given a three year term. These posts were vacant for a long time.
Reserve Bank of India Governor Shaktikanta Das who has been emphasising on the improving governance standards of India banks compared the role of a chairperson in a bank akin to the captain of a ship.
“For the chairperson to be able to navigate the Board discussions and functions in the right direction, he/she should possess the requisite experience, competencies and personal qualities,” Das had said.