Shanti Lal Jain appointed as new MD and CEO of Indian Bank

Indian Bank is under ownership of the Government of India (File image)

The Appointments Committee of Cabinet (ACC) has approved the proposal to appoint Shanti Lal Jain as the new Managing Director and Chief Executive Officer of the Chennai-headquartered Indian Bank, stated an information notice issued by the government on August 19.

Jain, 56, is currently the Executive Director of state-run Bank of Baroda. The Department of Financial Services had proposed his appointment as the MD and CEO of Indian Bank, which has now been approved by the ACC.

Jain has been assigned his new post for a period of three years with effect "from the date of assumption of office on or after 01.09.2021, or until further orders, whichever is earlier", the notice read.

"The appointment is extendable based on his performance by up to two years, or till attaining the age of superannuation (i.e.31.1.2024), or until further orders," it added.

Notably, Jain was recommended to head the Indian Bank by the Banks Board Bureau (BBB) on May 24. The recommendation, which was accepted by the Department of Financial Services, was made after holding interviews with nine candidates from various public sector banks (PSBs).

Indian Bank is currently headed by Padmaja Chunduru, who took charge in September 2018 and oversaw the process of amalgamation of Allahabad Bank into Indian Bank.