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(Photo: Mint)
(Photo: Mint)

Govt extends tenure of 3 executive directors of Canara Bank, IOB

The tenure of Canara Bank executive directors Debashish Mukherjee and Matam Venkata Rao has been extended for two years,

New Delhi: The tenure of three executive directors of Canara Bank and Indian Overseas Bank for a period of two years, the state-owned lenders said on Monday.

The tenure of executive directors Debashish Mukherjee and Matam Venkata Rao has been extended for two years, or until further orders, whichever is earlier beyond their currently notified terms which expire on February 18, 2021 and October 8, 2020, respectively, Canara Bank said in regulatory filings.

The extension has been given as per the notification of the Department of Financial Services, the Finance Ministry dated October 10, Canara Bank said.

Chennai-headquartered Indian Overseas Bank (IOB) in a separate filing said the government has extended the term of Ajay Kumar Srivastava as executive director for a period of two years beyond his currently notified term which expires on October 8, 2020, or until further orders, whichever is earlier.

Six banks merged with other public sector banks (PSBs) with effect from April 1.

OBC and United Bank of India merged into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.

After the consolidation , there are now seven large PSBs, and five smaller ones.

There were as many as 27 PSBs in 2017. The total number of PSBs in the country has now come down to 12.

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