New Chairpersons Appointed for 3 PSU Banks

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.

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.

As part of Banking Reforms and on recommendation of BBB, Govt. appoints Dr Charan Singh ,Anjali Bansal ,Tapan Ray as Non Exec Chairperson of Punjab&Sind Bank, Dena Bank & Central Bank of India. @FinMinIndia @PIB_INDIA pic.twitter.com/mAAH4BU57V

— Rajeev kumar (@rajeevkumr) 24 May 2018

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.