Exclusive | Centre approves appointment of A Manimekhalai as Union Bank MD, CEO: Source

The logo of Union Bank of India is pictured on the wall of its branch in Kolkata, India, April 11, 2017. REUTERS/Rupak De Chowdhuri - RTX3531T

The Appointments Committee of the Cabinet (ACC) on June 2 approved the proposal of the Union Finance Ministry to appoint A. Manimekhalai, executive director at Canara Bank as Managing Director & Chief Executive Officer (MD&CEO) in Union Bank of India for three years, a source aware of the development told Moneycontrol.

Manimekhalai is the first woman MD and CEO of Union Bank of India and replaces Rajkiran Rai. G who held the position of Union Bank chief since 2017. Rai can be credited with the successful amalgamation of Corporation Bank and Andhra Bank with Union Bank.

Manimekhalai holds an MBA degree from Bangalore University and has three decades of banking experience starting her career with Vijaya Bank as an officer in 1988.

The Centre has also approved the appointment of Ajay Kumar Srivastava, executive director, Indian Overseas Bank as MD & CEO of the bank for three years. He replaces Partha Pratim Sengupta who took charge as Indian Overseas Bank chief on July 24, 2020.

In an interview with Moneycontrol on May 20, Sengupta had said the government has not approached the lender with a privatisation proposal although occasional media reports speculate about its sale.

Srivastava had assumed the ED office of Indian Overseas Bank on October 9, 2017, and before that, he was working as a Field General Manager in Delhi with Allahabad Bank. At Indian Overseas Bank, he led the bank’s agriculture & rural Initiatives, retail banking, credit support services, credit monitoring, treasury and undertaking banking operations, among others. Apart from this, Mumbai, Kolkata & Hyderabad Zones were allotted to him for monitoring their growth, control and overall management.

Lastly, the Centre has also approved appointing Swarup Kumar Saha, executive director, Punjab National Bank as MD & CEO at Punjab & Sind Bank for three years. Saha replaces S. Krishnan who took over as the bank chief in 2020.

Saha assumed the charge as ED of PNB on March 10, 2021, and before taking up this assignment, he was Zonal Manager of Lucknow Zone. Saha holds a graduate degree in Science from the University of Calcutta and started his banking career with Oriental Bank of Commerce in 1990 as a probationary officer.