Govt appoints Mallikarjuna Rao as MD and CEO of PNB

Mallikarjuna Rao was on October 1 appointed the Managing Director and Chief Executive Officer of Punjab National Bank, an official order said.

Rao, 57, currently the Managing Director and Chief Executive Officer of Allahabad Bank, has been appointed to the new post up to September 18, 2021.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for posting of Ch. S. S. Mallikarjuna Rao, Managing Director and Chief Executive Officer in Allahabad Bank as Managing Director and Chief Executive Officer in Punjab National Bank, with effect from the date of assumption of office, till 18.09.2021 or until further orders, whichever is earlier," the order said.

The government in August merged United Bank of India and Oriental Bank of Commerce with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) in the country.