LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » Companies News

PSU Banks Rejig: Govt appoints heads of 7 banks; shifts MDs of Punjab National Bank, Bank of India

In a major restructuring of PSU banks, the government on Saturday has appointed heads of seven public sector unit (PSU) banks and carried out rejigs at Punjab National Bank (PNB) and Bank of India (BOI). 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
PSU Banks Rejig: Govt appoints heads of 7 banks; shifts MDs of Punjab National Bank, Bank of India
The changes were made in these two public sector banks after a similar rejig at IDBI Bank because of their non-performance in tackling non-performing assets (NPAs), the report said citing an experts. Image Source: PTI
Written By: ZeeBiz WebTeam
Updated: Sat, May 06, 2017
11:19 am
Mumbai , ZeeBiz WebDesk
RELATED NEWS
New NPA norms give more power to RBI to settle bad loans but is it that easy? New NPA norms give more power to RBI to settle bad loans but is it that easy?
Cabinet takes important decision to resolve rising NPA problem Cabinet takes important decision to resolve rising NPA problem
Here's a view of Banking ordinance assented by President to tackle banks' NPA crisis Here's a view of Banking ordinance assented by President to tackle banks' NPA crisis
Here's how banks can save themselves from NPA stress Here's how banks can save themselves from NPA stress
Nearly 90% banks delayed payments to ATMs; cash logistics firms await unpaid bills of Rs 110 crore Nearly 90% banks delayed payments to ATMs; cash logistics firms await unpaid bills of Rs 110 crore

The government on Saturday has appointed heads of seven public sector unit (PSU) banks in addition to carrying out rejigs at Punjab National Bank (PNB) and Bank of India (BOI), PTI reported. 

The news report citing an official statement said PNB Managing Director Usha Ananthasubramanian has been shifted to relatively small Kolkata-based Allahabad Bank while head of Bank of India (BoI) Melwyn Rego will move to Syndicate Bank with immediate effect. 

The changes were made in these two public sector banks after a similar rejig at IDBI Bank because of their non-performance in tackling non-performing assets (NPAs), the report said citing an experts.

However, a senior finance ministry official said two changes have been made because the Department of Financial Services wanted to give longer tenure to heads of these two large banks.

Last month, NPA-laden public sector lender IDBI Bank head Kishor P Kharat was shifted to Indian Bank. Mahesh Kumar Jain of Indian Bank was shifted to IDBI Bank.

ALSO READ: New NPA norms give more power to RBI to settle bad loans but is it that easy?

 

Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, appointed Rajkiran Rai G, currently executive director of Oriental Bank of Commerce as MD and CEO of Union Bank of India for a period of three years, the report said.

It is extendable up to May 2022 after review of his performance, the official statement said.

Besides, R Subramaniakumar, currently executive director of Indian Overseas Bank, has been elevated to MD and CEO.

As per the news report, Sunil Mehta who is currently executive director in Corporation Bank, will head the country's second largest public sector bank PNB in place of Ananthasubramanian who has been shifted.

Executive director of Canara Bank Dinabandhu Mohapatra has been promoted as MD and CEO of Bank of India.

At the same time, ACC appointed R A Sankara Narayanan, executive director of BOI as MD and CEO of Vijaya Bank.

Earlier in the day, the government empowered RBI to ask banks to initiate insolvency proceedings to recover bad loans, amounting to over Rs 6 lakh crore in case of state-owned lenders alone, and promised more measures to resolve the NPAcrisis.

Toxic loans of public sector banks (PSBs) rose by over Rs 1 lakh crore to Rs 6.06 lakh crore during April-December of 2016-17, the bulk of which came from power, steel, road infrastructure and textile sectors, cited the PTI report.

Gross NPA of public sector banks (PSBs) nearly doubled to Rs 5.02 lakh crore at the end of March 2016, up from Rs 2.67 lakh crore at the end of March 2015. 

ALSO READ: Cabinet takes important decision to resolve rising NPA problem

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
PSU Banks RejigBanking & Financial ServicesPNBBOIPunjab National BankBank of IndiaUsha AnanthasubramanianAllahabad BankMelwyn RegoSyndicate bankNon-performing assetsIDBI BankNPAsKishor P KharatIndian BankMahesh Kumar JainRajkiran Rai GOriental Bank of CommerceUnion Bank of IndiaNarendra ModiR SubramaniakumarIndian Overseas BankSunil MehtaDinabandhu MohapatraCanara BankVijaya Bank
RELATED NEWS
New NPA norms give more power to RBI to settle bad loans but is it that easy? New NPA norms give more power to RBI to settle bad loans but is it that easy?
Cabinet takes important decision to resolve rising NPA problem Cabinet takes important decision to resolve rising NPA problem
Here's a view of Banking ordinance assented by President to tackle banks' NPA crisis Here's a view of Banking ordinance assented by President to tackle banks' NPA crisis
Here's how banks can save themselves from NPA stress Here's how banks can save themselves from NPA stress
Nearly 90% banks delayed payments to ATMs; cash logistics firms await unpaid bills of Rs 110 crore Nearly 90% banks delayed payments to ATMs; cash logistics firms await unpaid bills of Rs 110 crore

LATEST NEWS

Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

Stocks to Buy With Anil Singhvi: Gabriel India stock is Sandeep Jain recommendation today | Money-making opportunity

Stock Market Opening Bell Today: Sensex scales 50K, NSE Nifty climbs 0.60 pct; Tata Motors, Apollo Tyres shares gain

Stock Markets With Anil Singhvi: Sensex soars to 50K; Madhu Kela reveals this money making strategy

Stocks in Focus on January 22: Indigo Paints IPO, Biocon, Indian Energy Exchange, InfoEdge to Asian Paints; here are the 5 Newsmakers of the Day

RUSH! Book your LPG gas cylinder almost free from HP, Indane and Bharat Gas - check out this Paytm offer for you

Income Tax: Confirmed! Important ITR refund status message update from I-T department

Gold, Rupee and Equity Markets Outlook II Explained by ICICI Securities

Market Guru in talk with RJ Salil Acharya of Radio City: People can buy ITC; It can emerge as 'Stock of the Year'

Realme X7-series India launch: Realme X7, X7 Pro set to launch in early Feb with latest MediaTek chips

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved