Government appoints Heads of three large state-run Banks

The government appoints heads of three large state-run banks in the country, to help stabilise their operations. The new appointments were made in Bank of Baroda, Canara Bank and Bank of India. The appointments were made based on the recommendations of the Banks Board Bureau in November last year, which are now being accepted and notified by the government.

Sanjiv Chadha will now be the Managing Director (MD) and Chief Executive Officer (CEO) at Bank of Baroda. Chadha, who currently holds the Deputy Managing Director role in State Bank of India, is now appointed for the new post for a period of three years. The appointment will help the bank manage its merger with Dena Bank and Vijaya Bank, which were officially merged on April 1, 2019.

As per the government announcement, Lingam Venkata Prabhakar, Executive Director in Punjab National Bank, will be MD and CEO in Canara Bank. His tenure, from the date of assumption of charge on or after February 1, will be till December 31, 2022. 

Atanu Kumar Das, one of the three executive directors of Bank of India, will be taking over as the managing director and chief executive officer of the lender for a period of three years, the notification said. Das succeeds Dinabandhu Mohapatra, who retired on June 30, 2019. 

Adding to this, the Government has also announced the appointment of Challa Sreenivasalu Setty as managing director of State Bank of India for a period of three years. Earlier, he was a deputy managing director at the bank, where he led the bank’s stressed asset resolution group. His appointment as MD can be further renewed for two years, on the basis of its performance review.

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