Government Appoints Chief Executives For 10 Public-Sector Banks

The government took its first step towards consolidation in the public-sector bank and appointed Chief Executives.

The government has appointed managing directors and chief executive officers at 10 public-sector banks with immediate effect.

In a notification on the website of the Department of Personnel & Training, the government said that five of the top officials appointed hail from State Bank of India.

Padmaja Chundru, J Packirisamy, Pallav Mohapatra, Mrutyunjay Mahapatra and Karnam Sekhar of SBI have been appointed at Indian Bank, Andhra Bank, Central Bank of India, Syndicate Bank and Dena Bank, respectively.

Additionally, SS Mallikarjuna Rao from Syndicate Bank, AK Goel from Union Bank of India, S Harisankar from Allahabad Bank and AS Rajeev from Indian Bank have been appointed as the chiefs at Allahabad Bank, UCO Bank, Punjab & Sind Bank and Bank of Maharashtra respectively.

AK Pradhan, who currently functions as the executive director at United Bank of India, has been promoted as managing director and chief executive officer.

Banks like Dena Bank and Andhra Bank have not had CEOs for nearly a year. The CEOs of Allahabad Bank and Bank of Maharashtra were recently removed after law enforcement agencies had initiated investigations against them, owing to alleged corruption charges.

These appointments at public-sector banks come at a time when the government has announced a merger of Bank of Baroda, Vijaya Bank and Dena Bank. The government cited this as the first step towards consolidation in the public-sector banking space.

(This was first published on BloombergQuint and has been republished by The Quint with permission.)