PS Jayakumar on 13 October 2015 took over the charge of Managing Director (MD) and Chief Executive Officer (CEO) of state-owned Bank of Baroda. He has taken the charge when the bank is under the scanner for an alleged black money transactions worth over 6000 crore rupees.
On the other hand, Ravi Venkatesan, ex-chairman of Microsoft India, was appointed as the non-executive Chairman of the bank.
The alleged BoB scam
In the first week of October 2015, allegedly 6172 crore rupees were remitted from Bank of Baroda to Hong Kong. The amount was shown as payments for non-existent imports like cashew, pulses and rice. The amount was allegedly deposited in 59 accounts in cash as advance for imports that never existed.
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Who: PS Jayakumar
When: 13 October 2015