Union Government on 14 August 2015 appointed private sector professionals, namely PS Jayakumar and Rakesh Sharma, as Managing Director (MD) and Chief Executive Officer (CEO) of Bank of Baroda (BoB) and Canara Bank, respectively.
This is the first time that private sector professionals were appointed to head the Public Sector Banks (PSBs). Earlier, the heads of PSBs were selected from among the state-run banks or government officers.
The announcements were made along with appointment of MD and CEO of Bank of India (BoI), IDBI Bank and Punjab National Bank (PNB).
These three executive heads are serving officials in other government-owned banks and the appointees are MO Rego, Kishore Kharat Piraji, and Usha Ananthasubramanian.
The government also announced appointment of Non-executive chairman of 5 banks, namely Bank of Baroda, Bank of India, Canara Bank, Vijaya Bank and Indian Bank.
Besides, the government also announced that some vacancies of Non-official Directors and non executive chairman of six other PSBs will be completed in the next three months.
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When: 14 August 2015