FinMin shortlists 17 bank GMs for ED posts, to notify soon
The ministry of finance (MoF) has shortlisted 17 GMs from different public sector banks to promote them to the level of EDs. Around 50-60 GMs appeared for the interview in January. After the due approvals from the necessary authorities, the MoF will notify the names of new executive directors, industry sources told Moneycontrol.com.
February 10, 2012 / 11:28 IST
Saikat Das
Moneycontrol.com
The ministry of finance (MoF) has shortlisted 17 general managers (GMs) from different public sector banks to promote them to the level of executive directors (EDs). Around 50-60 GMs appeared for the interview in January. After the due approvals from the necessary authorities, the MoF will notify the names of new executive directors and the banks where they will be posted, industry sources told Moneycontrol.com.The following are the names included in the list: S.K. Kalra and Anil Kumar from the Allahabad Bank; P.Srinivas, R Atmaram from the Andhra Bank; Arun Tiwari from the Bank of Baroda; Bhupinder Nayyar and R.K. Goyal from the Bank of India; Upagupta Mohapatra from the Central Bank of India; K G Shenoy from the Corporation Bank; Sudhir Kumar Jain, Sadhuram Bansal from the Dena Bank; Malay Mukherjee from the Indian Bank; K.Subramanian from the Indian Overseas Bank; Atul Gautam from the Oriental Bank of Commerce; Ranjan Dhawan from Punjab National Bank; Ambrish Nanda from the United Bank of India; S.K.Sangar from the Union Bank of India.Those GMs will fill up the vacant posts of executive directors across state-owned banks. In 2012-13, there will be a slew of reshuffling of top management posts due to retirement of various chairman and managing directors (CMDs) and EDs. For example, M V Nair, CMD of Union Bank of India will retire in March and according to industry sources, D Sarkar, ED at Allahabad Bank is expected to assume the charge of CMD at the Union Bank of India. M D Mallya, CMD at Bank of Baroda will retire in November, 2012 and S S Mundra, ED at Union Bank of India may join the bank as CMD. Alok Mishra, CMD at Bank of India (BoI) will retire in September, 2012 and (Mrs) V R Iyer, ED at the Central Bank of India (CBI) is expected adorn the chair. R K Dubey another ED at CBI is likely to enter Canara Bank as CMD.Meanwhile, this normal decade old practice of appointing CMDs is going to be changed. Earlier, relatively young CMDs of smaller banks used to be posted as CMDs of bigger banks (top four or five banks). It was evident in instances of last few years. K R Kamath had joined the second largest PSU lender PNB from Allahabad Bank with the same designation of CMD. Similarly, Alok Mishra and M D Mallya had entered BoI and BoB from Oriental Bank of Commerce and Bank of Maharashra respectively. According to the industry grapevine, the Reserve Bank of India (RBI)wished to discontinue with this old practice of shifting CMDs. The banking regulator was of the opinion that CMDs of smaller banks should continue to drive effort to elevate their banks to the higher level instead of stepping into larger banks. Accordingly, the regulator sent a note to the ministry of finance in this regard.The current breed of young CMDs includes M Narendra from Indian Overseas Bank, T M Bhasin from Indian Bank and Arun Kaul from UCO Bank. Even though they have completed nearly two years in their current position, still they are having another two/three years of residual service. saikat.das@network18online.com Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
