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Banks Board Bureau recommends Shanti Lal Jain as Indian Bank MD & CEO

The BBB is responsible for recommending senior personnel for appointments to boards of PSBs, state-owned financial institutions and insurance companies.

May 24, 2021 / 09:48 PM IST
Indian Bank | As part of monetisation of bank's non-core assets, the board of directors accorded in-principal approval for partial/full disinvestment of bank's stake in joint Venture ASREC (India). The bank holds 38.26 percent stake in ASREC (India).

Indian Bank | As part of monetisation of bank's non-core assets, the board of directors accorded in-principal approval for partial/full disinvestment of bank's stake in joint Venture ASREC (India). The bank holds 38.26 percent stake in ASREC (India).

 
 
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The Banks Board Bureau (BBB) on May 24 recommended Shanti Lal Jain as the new managing director and chief executive officer (MD&CEO) of Chennai-headquartered Indian Bank. Soma Sankara Prasad has been named as the candidate on the reserve list for the role.

The BBB made the recommendations after holding interviews with nine candidates from various public sector banks (PSBs), it said in a statement.

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.

Jain is presently an executive director at Bank of Baroda (BoB), while Prasad holds the position of deputy managing director at State Bank of India (SBI).

The BBB is responsible for recommending senior personnel for appointments to boards of PSBs, state-owned financial institutions and insurance companies.

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The body also suggests measures to improve corporate governance at these institutions.
Moneycontrol News
first published: May 24, 2021 09:39 pm

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