MBN Rao is new IBA chairman
Mumbai: MBN Rao, chairman and managing director, Canara Bank has been appointed as the chairman of Indian Banks' Association for the term 2007-08. V.P. Shetty the outgoing chairman and managing director, IDBI Ltd is superannuating this month end, said a press release from IBA.
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Rewards for directors, CEOs for reviving PSEs
New Delhi: The cabinet has approved a proposal according to which the top executives of a unit will be eligible for cash incentives of up to Rs10 lakh out of the profit a PSE earns.

Further, if the chief executive has contributed very well in the turnaround of a sick company, his retirement age can be relaxed up to 65 years. The normal retirement age of chief executives of PSEs is 60.

The decision of the cabinet to give more time to chief executive who has worked out the revival package for a sick PSE and has implemented it with success has been done on the recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE).

The board has so far recommended revival of more than 40 state-owned companies and the cabinet has cleared nearly 20 such cases.
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