Showing seriousness towards rising public sector bad debt, Government of India demoted two CEO’s of various public sector banks on ground of non performance in achieving the prescribed targets. Transfer of existing chief executives of Punjab National Bank (PNB) and Bank of India (BOI) are basically on not restricting the rising NPA (Non Performing Assets). Government also made five appointments to different banks including IOB, BOI, PNB, Syndicate Bank, Allahabad Bank, Union Bank of India, Vijaya Bank.
CEO’s of PNB and BOI – Usha Ananthasubramaniam and Melwyn Rego respectivelly has been transferred to rather smaller banks like Allahabad Bank and Syndicate Bank.
Government has taken the president node on empowering the Reserve bank of India (RBI) for tackling bad loans in Public Sector Bank.
New Appointments in Public Sector Banks :
Indian Overseas Bank (IOB) : R Subramaniakumar as the managing director (MD) and chief executive officer (CEO). Subramaniakumar is at present executive director (ED) at IOB.
Union Bank Of India : Rajkiran Rai G. He is currently working as the executive director of the Oriental Bank of Commerce.
Punjab National Bank : Sunil Mehta, the Executive Director in Corporation Bank.
Bank of India : Dinabandhu Mohapatra will be the new MD and CEO. Mr. Mohapatra is currently executive director in Canara Bank.
Syndicate Bank : Melwyn Rego, from Bank of India is the new boss of Syndicate Bank.
Vijaya Bank : R A Sankara Narayanan, ED at Bank of India.