Mumbai: The government on Friday announced a major reshuffle in the top management of seven public sector banks in a bid to improve their efficiency.

The changes come at a time the government is trying to come to grips with the bad-loan problem at public sector banks.

R. Subramaniakumar, an executive director at Indian Overseas Bank (IOB), was appointed managing director (MD) and chief executive officer (CEO) of IOB till 30 June 2019.

Rajkiran Rai G., MD and CEO of Oriental Bank of Commerce, will now hold the same post at Union Bank of India. His term is valid for three years starting on or after 1 July and extendable until 31 May 2022. He will be replacing Arun Tiwari, whose tenure ends in June.

Sunil Mehta, an executive director at Corporation Bank, will join as MD and CEO of Punjab National Bank, replacing Usha Ananthasubramanian. Mehta’s tenure will be valid until September 2019. Ananthasubramanian will be taking charge of Allahabad Bank as MD and CEO until August 2018.

Dinabandhu Mohapatra, who is currently serving as an executive director at Canara Bank, will join Bank of India as MD and CEO until June 2019.

R.A. Sankara Narayanan, executive director at Bank of India, will now take charge of Vijaya Bank as MD and CEO, starting from September 2017. His tenure will end in January 2020.

Melwyn O. Rego, MD and CEO, Bank of India, will be serving as MD and CEO of Syndicate Bank until August 2018. He will be with Bank of India until June-end.