These three PSU Banks get new Chairman

 

The Appointments Committee of the Cabinet (ACC) has appointed former LIC Chairman M R Kumar as part time non official Director as well as non-executive Chairman of Bank of India (BOI).

 

He has been appointed as BOI Chairman for a term of three years.

ACC has also appointed Srinivasan Sridhar, as part time non official Director as well as non Executive Chairman on the Board of Indian Overseas Bank (IOB). Sridhar has been appointed for a term of three years subject to the condition that he resigns from the Board of Bank of Baroda.

In another decision, ACC has appointed Aravamudan Krishna Kumar as part time non official Director as well as non Executive Chairman on the Board of UCO Bank. Kumar has been appointed for a term of three years subject to his resignation from the Board of Suraksha Asset Reconstruction Limited, according to an order issued by the Department of Personnel & Training.

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Government appoints new chairman of Bank of Baroda

The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB).

Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective 1 April.

The board of the bank has already fixed 11 March, 2019, as record date for issuing and allotting equity shares of the BoB to the shareholders of Vijaya Bank and Dena Bank.

As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.

In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

The government in September last year had announced merger aiming to create the third largest lender after the SBI and ICICI Bank.

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IBA elects new chairman & deputy chairman

The Indian Banks Association(IBA) has elected Punjab National Bank's managing director and chief executive, Sunil Mehta, as the new chairman for 2018-19.

The managing committee of the banking lobby has also elected Bank of India's managing director and chief executive, Dinbandhu Mohapatra, as the deputy chairman, an official release said today.

State Bank of India's chairman, Rajnish Kumar, and Federal Bank's managing director, Shyam Srinivasan, will continue as deputy chairmen of IBA, it added.

Madhav Nair, country head and chief executive, Mashreqbank PSC, has been elected as the Honorary Secretary of the association for 2018-19, the IBA said.

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Rajnish Kumar appointed as SBI chairman

Rajnish Kumar, next SBI Chairman, profile: Rajnish Kumar is set to replace Arundhati Bhattacharya as the Chairman of the State Bank of India next week. Rajnish Kumar, who has been appointed for three years, is a current managing director with the bank. As per his profile on SBI General Insurance website, Rajnish Kumar has served as Managing Director (National Banking Group), a position he was given on 2nd November, 2015.Rajnish Kumar has also served as the Managing Director (Compliance & Risk) of SBI. The senior bank official previously also headed the SBI Capital Markets Limited (the Merchant Banking arm of State Bank of India) as Managing Director and Chief Executive Officer, prior to becoming Managing Director in SBI, his profile says.

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