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MUMBAI: State-owned Bank of Baroda has called for applications for the post of chief economist. In a newspaper advertisement, BoB said the incoming professional will hold office for a period of 3 years and compensation will be based on experience and suitability of the candidate.

Sameer Narang, the current chief economist of the bank, was appointed in October 2017. Previously, he was an economist & strategist at IDFC Securities Ltd and economist for HDFC Securities Ltd.

It is unclear whether he is stepping down or being promoted. According to the official spokesperson, calling for applications is a routine process.

BoB had recently elevated Akhil Handa as the new chief digital officer. Prior to this position, Handa was appointed as the head (Fintech, Partnerships, Mobile Banking) & digital lending department. He joined BoB in 2015.

The bank had reported a standalone net loss of 1,046.5 crore for the quarter ended March. The bank had posted a net profit of 506 crore in the same quarter last year.

The asset quality deteriorated as gross non-performing assets (NPAs) stood at 8.87% versus 8.48% quarter-on-quarter (QoQ). The net NPAs rose to 3.09% in Q4FY21 from 2.39% in Q3FY21. The lender said its board has approved raising of additional capital up to 5,000 crore comprising of 2,000 crore of Common Equity Capital by various modes including QIP (Qualified Institutional Placement), etc. in suitable stages and 3,000 crore, by way of Additional Tier-1 capital/Tier-2 capital instruments.

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