Punjab & Sind Bank says Swarup Kumar Saha takes charge as MD, CEO

The PSU lender said that Swarup Kumar Saha assumed the charge as managing director & chief executive officer of the bank on 3 June 2022.

Saha's appointment as MD and CEO is for three years. Prior to his elevation, Saha was executive director of Punjab National Bank since 10 March 2021.

"In a career spanning over three decades, he has vast experience and expertise in Human Resource Development, Treasury, International Banking, Credit, Risk Management, Organization Restructuring and Board matters," the bank said in a statement.

Meanwhile, the Reserve Bank of India (RBI) vide its letter dated 3 June 2022 has imposed a monetary penalty of Rs 27.50 lakh on Punjab & Sind Bank. The penalty was imposed on account of the failure of the bank to comply with certain directions issued by RBI on 'External Benchmark Based Lending'.

 

Punjab & Sind Bank is a public sector bank. The Government of India held 98.25% stake in the bank as of 31 March 2022. It reported 115.2% jump in net profit to Rs 346.10 crore on a 2.9% rise in total income to Rs 2,007.90 crore in Q4 FY22 over Q4 FY21.

Shares of Punjab & Sind Bank fell 0.97% to end at Rs 15.30 on Friday, 3 June 2022.

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