Six mths on, headless PSBs still wait for appointment

Many public sector banks are currently lying headless as the
government is yet to issue appointment letters even though selection
process is completed for these posts. Banks like Canara Bank,
Corporation Bank, UCO Bank and Punjab Sindh Bank are waiting for the
new CMDs to join as the government is yet to issue appointment letters.

The selection procedure for the bank chiefs was brought under scanner
by a few members of the parliament earlier this year. Questions were
raised regarding transparency of the selection process and allegations
were filed by a few MPs regarding ad hoc selection of the bank chiefs.

According to sources, although the process to select chiefs of 10 PSBs
had started six months back, the Cabinet secretary is yet to clear the
names for the approval of the appointment committee of Cabinet (ACC).
After getting cleared by the ACC, the file containing the proposed
names will reach Prime Minister’s office for the final clearance.
Earlier the ministry of finance had chosen S Raman, executive director,
Canara Bank as the CMD of Canara Bank , while RN Pradeep and Arun Kaul,
both of them EDs of Central Bank, have been selected for the
Corporation Bank and UCO Bank, respectively.

JM Garg, who retired as the CMD of Corporation Bank, has been appointed
as the chairman of SUUTI.

The post of Andhra Bank’s CMD will also fall vacant at the end of this
month as the present incumbent RS Reddy will complete his tenure as the
chief of the bank and R Ramachandran, ED of Indian Bank has already
been named as the new CMD of the Hyderabad-based bank. Two other posts-
CMDs of Bank of Maharashtra and Indian Overseas Bank— will also fall
vacant in a couple of months. The selection process for AS
Bhattacharya, ED of Indian Bank, and M Narendra, ED of Bank of India,
has already been complete, sources said.

Certain other bank chiefs like Allen CA Pareira of Bank of Maharashtra
is due for retirement on September 30, SA Bhatt of Indian Overseas Bank
on October 31, TY Prabhu of Oriental Bank of Commerce on December 31.

Meanwhile, State Bank of India will also see top level reshuffle soon
as one of its managing director SK Bhattacharya is due for retirement
in October this year.