It's a two-horse race for Allahabad Bank top job

The post of Allahabad Bank's chairman and managing director (CMD) has two claimants now.

The government has shortlisted two executive directors (ED) from Corporation Bank and Bank of India, sources close to the development said.

Bank of Baroda's executive director A K Khandelwal has reportedly declined to join as CMD.

Thanks to this, Corporation Bank ED P K Gupta has emerged as the front runner for the post though final selection would take some months.

Bank of India ED Onkar Nath Singh has also been sounded out. The finance ministry and Reserve Bank of India (RBI) would decide the issue.

Allahabad Bank has been headless for almost four months after B Samal retired in March this year.

P K Gupta was 56 years of age. A first class commerce and law graduate, he joined Corporation Bank in February 2001 as ED from Punjab National Bank (PNB).

Gupta joined PNB in 1971. Gupta holds a diploma in international banking and finance from the Indian Institute of Bankers (IIB).

Singh was appointed ED of Bank of India (BoI) from Bank of Baroda (BoB) for a period of five years. He joined the corporate office of BoI in Mumbai on October 2000.

Prior to this assignment, Singh was general manager in charge of New York operations at Bank of Baroda. Singh is a chartered accountant. Khandelwal's refusal was the second case of refusal to accept the CMD post by an executive director.

Earlier, former Union Bank ED D T Pai refused to accept the CMD post at Uco Bank. Later, he became CMD of Syndicate Bank.