Date:05/06/2007 URL: http://www.thehindubusinessline.com/2007/06/05/stories/2007060504430600.htm

Back Top-level changes in five banks

K.R.Srivats

New Delhi June 4 The Government on Monday made top-level appointments including lateral placements in five public sector banks (PSBs) to fill the vacancies created by the superannuation of a number of banks' chairmen in recent months.

The five PSBs where CMD appointments have been made are Indian Overseas Bank (IOB), Punjab National Bank (PNB), Bank of India (BOI), Indian Bank and Oriental Bank of Commerce (OBC).

After the due clearance from the Prime Minister's Office (PMO), the Finance Ministry today issued formal orders for the lateral movement of Mr T.S. Narayanasami, CMD of IOB, to BOI and Mr K.C. Chakrabarty from Indian Bank to PNB.

The latest round of top-level appointments also saw a number of executive directors (EDs) getting elevated as CMDs.

The UCO Bank Executive Director, Mr S.A. Bhat, has been promoted as CMD of IOB. While Mr M.S. Sundara Rajan, currently Executive Director of Indian Bank, has been elevated as CMD of the same bank, Mr Alok Mishra, Executive Director at Canara Bank, has been promoted as CMD of OBC.

In the last three months, the CMDs of three public sector banks - OBC, BOI and PNB - had superannuated. While Mr K.N. Prithviraj, erstwhile CMD of OBC retired in March-end, Mr B. Balachandran, who was CMD of BOI, superannuated in April-end this year. The CMD of PNB, Mr S.C. Gupta, superannuated on May 31.

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