In a dramatic turn of events, A K Khandelwal, executive director, Bank of Baroda (BoB), has declined to accept appointment as chairman and managing director (CMD) of the Kolkata-headquartered Allahabad Bank.
According to North Block sources, Khandelwal had last week written to the ministry declining to accept the post.
He, however, refused to comment on the development. Sources said Khandelwal declined to accept the post protesting the appointment policy of the government.
Bank of India executive director O N Singh may be offered the post. Union Bank of India executive director M Venugopalan was tipped to become the CMD of Bank of India.
However, sources said his appointment continues to hang fire on the issue of residual service. Normally, two years residual service is required for appointment as CMD of a bank.
Venugopalan has a little than two years of residual service left. The department of personnel and training (DOPT) is reviewing Venugopalan
