A matter of tenure and retirement of PSB chiefs

MDs and EDs of nationalised banks can have a term of up to 10 years but there is no relaxation in their retirement age. Private bank bosses can be in the saddle till they are 70

The Financial Services Institutions Bureau made recommendations for the successor of Bank of Baroda CEO and Managing Director Sanjiv Chadha and Bank of India chief Atanu Kumar Das on Saturday. Both are set to retire later this month, after a three-year term each.

Within hours of the Bureau’s announcement, the Department of Financial Services, Ministry of Finance, issued a release late evening on Chadha’s extension till June 30, when he turns 60. Das, too, is months away from turning 60.

In the past, at least two chiefs of nationalised banks had retired after completing their term but before touching 60: