Transfer of PNB & BOI ,Public Sector Bank CEO’s

Government of India demoted two CEO’s of various public sector banks in India. The chief executive of Punjab National Bank (PNB) and Bank of India (BOI) are transferred. There were five another appointment made to different banks including IOB, BOI, PNB, Syndicate Bank, Allahabad Bank, Union Bank of India, Vijaya Bank.

Usha Ananthasubramaniam of Punjab National Bank  and Bank of India’s Melwyn Rego. Mrs Ananthasubramaniam has been transferred to Allahabad Bank , Mr. Rego has been transferred to Syndicate Bank.

Interestingly, The move comes on the same day the President given node for ordinance to amend existing banking service regulation act section 35A aimed at tackling the bad loan crisis in India’s public sector banks.

Read : Does Banking Act amendments Really help in Resolving NPA’s ?

The various appointments which are approved by the Government are :

Indian Overseas Bank (IOB) :  Appointment of R Subramaniakumar as the managing director (MD) and chief executive officer (CEO) of the Indian Overseas Bank (IOB).  Subramaniakumar is at present executive director (ED) at IOB. An order issued by the Department of Personnel and Training (DoPT) said he will hold the charge of the post till June 30, 2019.

Union Bank Of India : Rajkiran Rai G will be the new managing director and chief executive officer of Union Bank of India. He is currently working as the executive director of the Oriental Bank of Commerce. His appointment is for an initial period of three years.

Punjab National Bank :  Sunil Mehta, the Executive Director in Corporation Bank, will be the new MD and CEO in the Punjab National Bank in place of Usha Ananthasubramanian. 

Bank of India : Dinabandhu Mohapatra will be the new MD and CEO of the Bank of India in place of Melwyn Rego who has been moved to the Syndicate Bank in the same capacity. Mohapatra is currently executive director in  Canara Bank.

Syndicate Bank : Melwyn Rego, ex CEO of Bank of India is the new boss of Syndicate Bank.

Vijaya Bank : R A Sankara Narayanan, ED at Bank of India, will be the managing director and chief executive officer of Vijaya Bank.

Do you think, punishing public sector bank chief for rising NPA is legally correct ? Comment !!