(LiveMint)
The government on Wednesday appointed the heads of 10 state-run banks. Most of these posts have been lying vacant for months hindering effective decision making at the top in these banks that have been struggling with bad loans and massive losses. The appointments committee of the cabinet headed by Prime Minister Narendra Modi approved the appointments to the post of managing directors and chief executive officers of these banks, the government said in a notification.
Five serving deputy managing directors of State Bank of India have been appointed as MD and CEOs of various banks. Pallav Mohapatra will head Central Bank of India and J Packirisamy will be the chief of Andhra Bank. Mrutyunjay Mahapatra has been chosen to head Syndicate Bank while Padmaja Chundru will head Indian Bank. Interestingly, Karnam Shekhar has been appointed to head Dena Bank with a tenure until June 2020 despite the latest proposal to merge the bank with Vijaya Bank and Bank of Baroda, a process which is expected to be completed within a year.
