FinMin grants 2 year extension to CMD Union Bank of India

Union Bank

In view of the ongoing amalgamation process with Andhra Bank and Cooperation Bank, Rajkiran Rai, Union Bank of India’s managing director and CEO received two years extension from the Union Ministry of Finance on June 30.

Union Bank

Rai’s term as CMD was scheduled to end on June 30 however, after receiving extension he will now be associated with position till May 31, 2022.

He will now remain as the lender’s  MD & CEO till he attains the retirement age, i.e., May 31, 2022 or until any further notice from the Ministry of Finance is generated.

Also Read:Union Bank of India to rollout 125 regional offices

On July 2017, Rai was named  as the managing director of Union Bank for a tenure of 3 years until June 30, 2020.

On April 1 as per finance ministry’s direction, Union Bank was amalgamated with Andhra Bank and Corporation Bank, but the whole merger process is yet to complete. The extension granted by the centre in a bid to ensure the completion of the merger properly. The amalgamated entity is now the fifth largest public sector lender

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.