India facilitates selection of public sector bank chiefs

Retirement of 10 PSB chiefs forced government to appoint one month ahead of schedule.

Public sector banks, which used to see their top posts lying vacant for months, have started experiencing a change.

On Friday, the government notified the appointment of TM Bhasin as CMD of Chennai-headquartered Indian Bank. Bhasin, who is United Bank of India's executive director, will take over from MS Sundararajan, who is due to retire on March 31.

Last month, the government notified the appointment of Bhaskar Sen as CMD of Kolkata-based United Bank of India (UBI) from March 1, as the top post will fall vacant at February-end. At present, Sen is an executive director of Dena Bank.

The move comes at a time when 10 bank chiefs are due to retire this year. The government has had to do some advance planning on the matter and has kept a panel of bank executive directors (EDs) ready to be appointed before an incumbent’s retirement.

View the full story in Business Standard.