Government appoints MD & CEO in 10 PSU banks

The government on Wednesday approved the appointment of Managing Directors and Chief Executive Officers (MDs and CEOs) for 10 public sector banks (PSBs), including Indian Bank, Syndicate Bank and Central Bank of India.

The appointments were cleared by the Appointments Committee of the Cabinet (ACC) following recommendations from the Department of Financial Services under the Union Finance Ministry, according to the Department of Personnel and Training.

Among the key appointments, State Bank of India (SBI) Deputy Managing Director Padmaja Chundru has been appointed Managing Director and Chief Executive Officer of Indian Bank.

Another SBI Deputy Managing Director, Mrutyunjay Mahapatra, has been named MD and CEO of Syndicate Bank.

SBI Deputy MD Pallav Mohapatra has been appointed Managing Director and CEO of Central Bank of India, according to an official information note issued on Wednesday.

The Department of Personnel and Training said the necessary communication regarding the appointments had been sent to the Department of Financial Services for further action.

The appointments come at a time when the government was seeking to strengthen leadership at public sector banks and improve their operational and financial performance. The heads of PSBs play a key role in implementing government banking policies, managing credit growth and addressing challenges related to stressed assets and financial inclusion.

The new appointments are expected to bring greater stability to the management of the affected banks and help them implement their respective business and reform strategies.