FinMin for extension of 3 MDs, 10 EDs at PSBs

The Union Finance Ministry has moved a file for extension of tenure of three public-sector banks' (PSBs) managing directors, including Punjab National Bank (PNB), according to sources.

Besides, the sources said the ministry has also recommended the Department of Personnel and Training (DoPT) for extension of 10 executive directors (EDs) of various public-sector banks. The three-year term of SS Mallikarjuna Rao, MD and CEO of PNB, is coming to an end on September 18, but the finance ministry has recommended for extension for four months till January 31, 2022, when Rao attains his superannuation age of 60 years. Atul Kumar Goel's term as MD and CEO of UCO Bank has been recommended for a two-year extension beyond November 1 this year. AS Rajeev, MD and CEO of Bank of Maharashtra, has been suggested for an extension of two years beyond December 1. The finance ministry has simultaneously forwarded the name of S L Jain for the appointment of MD and CEO of Indian Bank.

The BBB, the headhunter for state-owned banks and financial institutions, had recommended the name of Jain in May after the interview. With regard to EDs, the ministry has recommended names of 10 for extension of their term till their superannuation age or two years, whichever is earlier.

The MD and CEO of a public sector undertaking is given a maximum tenure of five years as a government guidelines.