Sunday 7 May 2017

Govt appoints heads of 7 public sector banks; managing directors of PNB, BoI shifted

Govt appoints heads of 7 public sector banks; managing directors of PNB, BoI shifted

In a major restructuring(पुनर्गठन) in the Public Sector Undertaking (PSU) banking space, the government on Friday appointed heads of various public sector banks besides carrying out rejigs(बदलाव) at Punjab National Bank (PNB) and Bank of India (BoI). PNB Managing Director (MD) Usha Ananthasubramanian has been shifted to a relatively small Kolkata-based Allahabad Bank while head of BoI Melwyn Rego will move to Syndicate Bank with immediate effect(तत्काल प्रभाव), according to an official statement. According to experts, the changes were made in these two public sector banks after a similar rejig at IDBI Bank because of their non-performance in tackling non-performing assets (NPAs).
However, a senior finance ministry official said two changes have been made because the department of financial services wanted to give longer tenure (कार्यकाल) to heads of these two large banks.



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