IOB, OBC, Indian Bank to get new chiefs

New Delhi: The Finance Ministry has approved the appointments a number of public sector bank heads to replace the bank's chairmen set to superannuate in the next four to five months.

Sources said that consent letters have also been issued for promotion of a number of executive directors (EDs) as chairman and managing directors (CMDs) of various banks.

The Indian Bank CMD, K.C. Chakrabarty, is expected to take over as the CMD of Punjab National Bank from June 1, after the superannuation of the incumbent CMD, S.C. Gupta.

The Indian Bank executive director, M.S. Sundara Rajan, is to take charge as the CMD of the bank after the movement of Chakrabarty to PNB.

The Ministry has also approved the appointment of S.A. Bhatt, currently executive director at UCO Bank, as the next CMD of Indian Overseas Bank in the place of T.S. Narayanasami, who would move laterally as the CMD of Bank of India.

The BOI chairman and managing director, B. Balachandran, is to superannuate in end-April this year.

Oriental Bank of Commerce (OBC) would have a new CMD in Alok Mishra, now the executive director at Canara Bank. The incumbent CMD of OBC, K.N. Prithviraj, is to superannuate in end-March this year.