State-owned Union Bank of India today said the government has extended the term of chairman and managing director (CMD) MV Nair by nine months.
After consultation with the Reserve Bank, the tenure of Nair has been extended up to March, 2012, the date on which he would attain the age of superannuation, Union Bank of India informed the Bombay Stock Exchange.
Earlier, in April, he was given a three-month extension by the Appointments Committee of the Cabinet, headed by the Prime Minister.
Nair completed his five-year tenure in the bank on March 31, 2011. He was appointed chairman and managing director of the city-based bank in April, 2006.
As per the existing government rules, the chairman and managing director or Director are appointed in public sector entities for a period of five years or up to the age of 60, whichever is earlier.
