Govt extends tenure of 3 managing directors and 10 executive directors of public-sector banks

Growth successful non-food slope recognition slowed to 5.9% successful June from 6% a twelvemonth earlier.

The authorities has extended the tenure of 3 managing directors (MDs) and 10 enforcement directors (EDs) of public-sector banks, a determination that volition guarantee stableness successful policy-making astatine assorted lenders astatine a clip erstwhile the system requires a monolithic recognition propulsion to reverse a Covid-induced slump successful growth.

The Appointments Committee of the Cabinet (ACC) has approved the hold of the tenure of SS Mallikarjuna Rao, MD & CEO of Punjab National Bank, by astir four-and-a-half months done January 31, 2022, erstwhile helium is owed for superannuation. Similarly, the tenure of Atul Kumar Goel, MD & CEO of UCO Bank, and AS Rajeev, MD&CEO of Bank of Maharashtra, by 2 years each.

The section of fiscal services had recommended the hold of tenure of the apical executives of PSBs amid the pandemic.

According to an bid of the Department of Personnel & Training, the ACC has besides approved a two-year hold of the tenure of 3 enforcement directors. They are Ajay K Khurana (Bank of Baroda), A Manimekhalai (Canara Bank) and PR Rajagopal (Bank of India).

Similarly, presumption of enforcement directors Sanjay Kumar and Vijay Dube (Punjab National Bank), Gopal Singh Gusain and Manas Ranjan Biswal (Union Bank of India), Vikramaditya Singh Khichi (Bank of Baroda), Shenoy Vishwanath Vittal (Indian Bank), and Alok Srivastava (Central Bank of India) person been approved for an hold until they scope the property of superannuation.

The determination came a time aft concern curate Nirmala Sitharaman announced that state-run banks would undertake a nation-wide indebtedness outreach programme astir October amid fears that bankers person turned risk-averse.

Credit travel successful caller months has stayed muted, remaining 1 of the biggest problems for policy-makers.

Growth successful non-food slope recognition slowed to 5.9% successful June from 6% a twelvemonth earlier.

Loans to industry, successful fact, contracted by 0.3% successful June from a 2.2% summation a twelvemonth before. That’s contempt the information that liquidity remains successful surplus since June 2019.

The regular surplus liquidity successful the banking strategy has averaged arsenic overmuch arsenic Rs 6 lakh crore successful July and August, according to CARE Ratings.