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Centre moves top talent from SBI to smaller banks

The government for the first time appointed five deputy managing directors of State Bank of India to head PSU banks

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The Appointments Committee of Union Cabinet headed by Prime Minister Narendra Modi has cleared the names of 10 senior executives to head 10 public sector banks. The posts were lying vacant for six to 12 months. In a significant reform measure in the banking sector, the government for the first time appointed five deputy managing directors of State Bank of India (SBI) to head PSU banks so that the management skills at the biggest lender migrate to smaller banks, where lending practices need to be beefed up for better performance.

SBI deputy managing directors who will head other public sector banks are Mrutyunjay Mahapatra, in charge of strategy and digital payments who will move as MD and CEO of Syndicate Bank, Padmaja Chundru, DMD in charge of new business at SBI, will head Chennai-based Indian Bank, Pallav Mohapatra, DMD in charge of SBI's critical stressed assets group, will move as MD and CEO of Central Bank of India, J Packirisamy, DMD, mid corporate accounts will move as MD and CEO of Andhra Bank and Karnam Shekhar will move to Dena Bank as MD and CEO.

Bank Board Bureau (BBB) had recommended appointing six DMDs of SBI to head smaller PSU banks. Except for C V Nageswar, DMD in charge of global markets at SBI, all the other five DMDS have been appointed.

Besides the top executives of SBI, executive directors (ED) of other banks have been elevated as MD and CEO of the remaining five that was headless. S S Mallikarjuna Rao, ED at Syndicate Bank has been appointed MD and CEO of Allahabad Bank initially for a period of three years. Rao's tenure will be extendable up to the date of his superannuation, that is January 31, 2022, the order said.

A S Rajeev, executive director of Indian Bank, has been named MD and CEO of Bank of Maharashtra for an initial period of three years and extendable up to two years after "review of his performance", it said. Atul Kumar Goel and S Harisnakar have been appointed MD and CEO in UCO Bank and Punjab & Sind Bank respectively. Goel is ED, Union Bank of India, and Harisankar is ED of Allahabad Bank. Ashok Kumar Pradhan, the current ED of United Bank of India, will be elevated and the MD and CEO of the bank.

The appointments come more than two months after they were recommended by the BBB, an advisory body formed by the government for top level appointments in the banks.

The government has also appointed members on the local Board of sourthern, northern and eastern Boards of Reserve Bank of India (RBI). Rakesh Jain has been appointed as the southern Board member, Revathy Iyer and Raghevendra Narayan Dubey on the northern local Board while Sachin Chaturvedi has been appointed on the eastern local Board of the central bank.

TAPPING TALENT

  • The government for the first time appointed five deputy managing directors of State Bank of India to head PSU banks
     
  • Besides the top executives of SBI, executive directors of other banks have been elevated as MD and CEO to head remaining five banks
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