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.
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.
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.