Dena Bank, Punjab & Sind Bank, Central Bank of India get new chiefs

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AppointmentMoving ahead with its agenda to reform Public Sector Banks (PSBs), the finance ministry recently appointed non-executive chairpersons at Punjab & Sind Bank, Dena Bank and Central Bank of India.

“As part of banking reforms and on recommendation of Banks Board Bureau (BBB), the government appoints Charan Singh, Anjali Bansal, and Tapan Ray as non-executive chairperson of Punjab & Sind Bank, Dena Bank and Central Bank of India, respectively,” said Rajiv Kumar, Financial Services Secretary, in a tweet.

While Charan Singh has served at International Monetary Fund (IMF) as senior economist and at Reserve Bank of India (RBI) as director, Tapan Ray has served as Secretary in the Ministry of Corporate Affairs (MCA).

Anjali Bansal is the founder of Spencer Stuart’s India and had worked with McKinsey and Company.

Burdened by a near-record Rs 9.5 lakh crore of bad loans as of last year, Indian Public sector banks (PSBs) have been asked to set aside higher provisioning for mounting bad loans by the Finance Ministry.

In recent times, the government that owns majority stakes in 21 lenders that account for the bulk of the sector’s bad loans, has asked 11 public sector lenders to submit revival plans under the Reserve Bank of India’s prompt corrective action (PCA) framework.

Last year in May, the government rejigged the top management of Punjab National Bank (PNB), Bank of India, Indian Bank and IDBI Bank.

As part of its broader strategy aimed at overseeing the pace and direction of reforms being executed, Indian Banks’ Association (IBA), the umbrella body of all lenders in the country, is said to be in the process of handpicking a consultant.

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