Appointment of managing directors at three PSBs gets govt's approval

The Centre has approved the appointment of managing directors (MDs) of Union Bank of India (UBI), Indian Overseas Bank (IOB), and Punjab & Sind Bank.

The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services to appoint A Mani­mekhalai as MD and Chief Executive Officer (CEO) of UBI, Swarup Kumar Saha as MD and CEO of Punjab & Sind Bank, and Ajay Kumar Sriv­astava as MD and CEO of IOB.

Manimekhalai, currently executive director at Canara Bank, has been appointed chief of UBI for three years after the superannuation of Rajkiran Rai on May 31. Manimekhalai will also be eligible for extension of two years or until March 31, 2026, after a performance review.

Saha, executive director at Punjab National Bank (PNB), has been appointed MD and CEO of Punjab & Sind Bank for three years after the superannuation of S Krishnan on May 31. Saha will also be eligible for a two-year extension or until February 28, 2027, after a review of his performance.

The present executive director at IOB, Ajay Kumar Srivastava, has been promoted as head of IOB for three years, starting January 1, 2023. The tenure of the incumbent MD and CEO Partha Pratim Sengupta will be completed on December 31. Srivastava will also be eligible for extension of two years or until October 31, 2027, after a review of his performance.

The appointments are in line with the recommendations made by the Banks Board Bureau. The BBB had recommended Manimekhalai, Saha, and Srivastava as chiefs of the three lenders in March. Three of them were shortlisted by BBB after interviewing 15 candidates for the job.