Banks Board bureau suggested 3 heads for state owned banks

The Banks Board Bureau (BBB) has  suggested names of Sanjiv Chadha, L V Prabhakar and Atanu Kumar Das for the post of managing director and chief executive officer (MD & CEO) of three different state lenders — Bank of Baroda, Canara Bank and Bank of India.

Banks Board Bureau has selected them on the basis of the interview which it took on Tuesday.

The Bureau selected and recommending these applicants on the basis of their merits for the posts of the MD & CEO in Bank of Baroda, Canara Bank and Bank of India, BBB said in a statement.

It said, that it has also kept Bank of Maharashtra MD & CEO A S Rajeev and Karur Vyasa Bank MD & CEO P R Seshadri in the reserve list.

Sanjiv Chadha is currently working on the position of CEO and MD of SBI capital Markets the merchant and investment banking arm of State Bank of India, and the Prabhakar is the executive director of the Punjab National Bank.

From the bank of Mumbai, Das who is the current executive director of Bank of India would be promoted as the Managing director.

Since 1st July, after the retirement of the Dinabandhu Mohapatra, these posts of the MD and CEO were vacant, and since then bank is looking for the right candidates for these positions. In october the extension of the head of Bank of Baroda P S Jayakumar has been ended.

It was extended by the governement because of the ongoing merger of the Bank with other two small state-run banks which are Dena Bank and Vijaya Bank.

Therefore, the post would get vacant by 31st January 2020 of Managing director and CEO positions. Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, would be the one who would take all these decisions of the appointments.

The BBB is headed by B P Sharma, former secretary of the Department of Personnel and Training.

Prime Minister Narendra Modi, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to recommend the appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs).

It was also made to engage with the board of directors of all PSBs to plan and create the appropriate strategies for their growth and development.

Along with this, it was also asked to create strategies of consolidation when required. The government wanted to motivate bank boards to replan and structure their business strategy and also recommend the methods to merge with the other banks for growth.