11 GMs elevated as Executive Directors of various PSBs-Business Line 7th August 2013
NEW DELHI, AUG. 6:
In a significant move, the Centre has elevated as many as 11 General Managers to the posts of Executive Directors in various public sector banks.
The orders for the promotion of these 11 senior bank officials have been issued, sources in the Finance Ministry said.
The list of General Managers and the banks to which they have been posted as Executive
Directors is as follows:
Rakesh Sethi, currently General Manager at Bank of India, has been appointed as Executive
Director of Union Bank of India.
Animesh Chauhan, General Manager at Bank of Baroda, has been appointed as an
Executive Director at Central Bank of India.
K.K. Sansi, who was General Manager at Oriental Bank of Commerce, has joined Punjab & Sind Bank as an Executive Director.
Krishna Guha has joined Dena Bank as an Executive Director. Prior to this elevation, she was General Manager at Allahabad Bank.
P.S. Rawat will move from Bank of India, where he was a General Manager, to Canara Bank as an Executive Director.
Arun Srivastava has been appointed as an Executive Director at Bank of India. Prior to this elevation, he was General Manager at Bank of Baroda.
R. Koteeswaran has been appointed as an Executive Director at Bank of India. He is currently General Manager at Bank of Baroda.
While Mukesh Jain will move from Dena Bank to Punjab & Sind Bank as Executive Director, B.B. Joshi has been appointed as an Executive Director at Bank of Baroda. Joshi is currently a General Manager at Bank of India.
Jaikumar Garg has been appointed as Executive Director at UCO Bank. He was General Manager at Corporation Bank.
T.K. Srivastava, who is currently General Manager at Union Bank, has been appointed as an Executive Director in Syndicate Bank.
Will Rajan the Governor bite the reforms bullet?
Rajan would preside over a banking system that has turned weak in recent years.
NEW DELHI, AUG. 6:
Sell small under-performing public sector banks, possibly to another bank or to a strategic investor, to gain experience with the process and gauge outcomes – this was a controversial recommendation that came out of a committee on financial sector reforms headed by Raghuram Rajan in 2007.
Another interesting proposal was to free banks to set up branches and ATMs anywhere. Also, suggested was a more liberal approach to allowing takeovers and mergers, including by domestically incorporated subsidiaries of foreign banks.
So, when the name of Raghuram Rajan was announced on Tuesday as RBI Governor Designate, the question that cropped up in many economists’ and analysts’ minds was: Will he stick to his past recommendations in his new role?
It is too early to predict how decisive Rajan will be in his new role.
But the banking sector that he will oversee is hungry for reforms – be it for consolidation, human resource crisis, non-performing assets or the ticking time-bomb of restructured assets.
So, all in all, Rajan would preside over a banking system that has turned weak in recent years, partly due to the slowdown in economy and fall in global demand, and partly because of some promoters getting super rich at the expense of the financial system.
A bitter pill is what the doctor has ordered, but the crucial issue is whether Rajan has the gumption to administer it on the Indian economy.
The other moot question is will the wily bureaucracy play ball with him? Only time will tell.
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