OBC, UBI CEOs designated as ‘Officers on Special Duty’ post mega merger

The Chief Executive Officers of United Bank of India and Oriental Bank of Commerce have been designated as ‘Officers on Special Duty’ in the Punjab National Bank.

Created On: Apr 2, 2020 14:43 IST
PNB's OSD
PNB's OSD

The Chief Executive Officers of United Bank of India and Oriental Bank of Commerce have been designated as ‘Officers on Special Duty’ in the Punjab National Bank after mega bank merger on April 1, 2020. 

The merger of the Oriental Bank of Commerce and the United Bank of India with the Punjab National Bank has resulted in the creation of India’s second-largest state-run bank after the State Bank of India (SBI), which is the largest state-run bank of India. 

The OBC Chief Executive Mukesh Kumar Jain and UBI Chief Executive Ashok Kumar Pradhan will now serve as ‘Officers on Special Duty’ in PNB. Though they are yet to be allocated any portfolio.

The two Chief Executives are expected to serve in their new position until their retirement. While Mukesh Kumar Jain is set to retire in July 2020, Ashok Kumar Pradhan will be retiring at the end of May. 

In other mergers, the CEOs of Andhra Bank and Syndicate Bank retired on March 31st itself, the day the banks ceased to exist, in the absence of any communication from the government. While the Syndicate Bank CEO Mrutyunjay Mahapatra had two more months of service left, Andhra Bank CEO J Packirisamy had 10 months left.

The Syndicate Bank was merged with Canara Bank, while Andhra Bank and Corporation Bank were merged with the Union Bank of India. The Corporation Bank CEO PV Bharathi also retired on March 31st, which was coincidently her scheduled superannuation day. 

The only merger that was smooth in these terms was the merger between the Indian Bank and Allahabad Bank, as the position of Allahabad Bank’s CEO was lying vacant for five months after SS Mallikarjuna Rao was moved to PNB in October 2019. 

Background 

The mega bank merger of ten state-run banks into four came into effect from April 1, 2020. The merger was announced by Finance Minister Nirmala Sitharaman as an effort to boost India’s economic growth in August 2019. 

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

AndroidIOS

Related Stories

Comment (0)

Post Comment

6 + 5 =
Post
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all