New Chairpersons Appointed for 3 PSU Banks

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    As per the recommendations of Banks Board Bureau, the Indian government has appointed non-executive chairpersons for three public-sector banks, Financial Services Secretary Rajiv Kumar tweeted.

    New Chairpersons Appointed for 3 PSU Banks

    These include:

    1. Dr. Charan Singh for Punjab & Sind Bank. Singh is the RBI (Reserve Bank of India) chair professor at the Indian Institute of Management (IIM) in Bangalore. He has been the ex-senior economist for International Monetary Fund (IMF) and the Ex-director of RBI.
    2. Anjali Bansal for Dena Bank, former managing director for TPG Private Equity. 
    3. Tapan Ray for Central Bank of India, who has been the ex-secretary for the Ministry of Corporate Affairs.

    The appointments have been made to separate the duties of chairman and managing director. The government has been experimenting with appointing experts to bring improvement in the ailing state-owned banking sector. All the three banks that have received new chairpersons are facing losses. Dena Bank was recently asked to stop lending when it was put under prompt corrective action (PCA) by the RBI.

    Punjab & Sind Bank and Central Bank of India also have a significant share of bad loans in their books.

    Story first published: Thursday, May 24, 2018, 13:54 [IST]
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