Government redeploys 10 top banking officials to helm public sector banks

In order to make things better for the state-run banks, the government has reshuffled top banking officials. Mrutyunjay Mahapatra, former Dy. MD and CDO of State Bank of India, becomes CEO of Syndicate Bank.

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In a bid to make the country's banking system more robust and sustainable, Government of India has redeployed the rich talent pool of State Bank of India and a few other leading banks to lead the ailing banks. The government has appointed 10 top banking officials as CEOs and MDs of PSU Banks.

This is part of its continuing efforts to curb bad loans, rising volume of non-performing assests (NPA), and a series of scams and frauds. The move comes as a next step to the banks stepping up recovery measures supported by the government's legislative initiatives to expedite recovery.

In order to overcome any more disaster, the government selected few of the Public Sector Bank (PSBs) which are grappling with bad loans. The government body will be keeping a close watch on these banks and are looking ways to raise capital for the soured loans.

The recent redeployment of 10 officials announced last week, consists of five senior executives from SBI and five executive directors of other PSBs. Here is the list of the new heads of PSBs:

  • Pallav Mohapatra, former DGM at State Bank of India will now head Central Bank of India.
  • J Packirisamy, who was the DGM of mid corporate group (SBI) will head Andhra Bank.
  • Mrutyunjay Mahapatra has been chosen to head Syndicate Bank
  • Padmaja Chundru will head Indian Bank.
  • 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 S Rajeev, Executive Director at Indian Bank has been named as the MD and CEO of Bank of Maharashtra.
  • Ashok Kumar Pradhan, Executive Director of United Bank of India has been appointed as the head of the same bank.
  • S S Mallikarjuna Rao, Executive Director at Syndicate Bank has been appointed MD and CEO of Allahabad Bank.
  • Atul Kumar Goel, Executive Director at Union bank of India has been appointed as MD and CEO in UCO Bank .
  • S Harisankar, Executive Director at Allahabad Bank has been appointed to head Punjab and Sind Bank.