Jayakumar takes over as MD, chief executive of Bank of Baroda | business | Hindustan Times
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Jayakumar takes over as MD, chief executive of Bank of Baroda

business Updated: Oct 14, 2015 00:22 IST
HT Correspondent
HT Correspondent
Hindustan Times
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PS Jayakumar assumes charge as managing director and CEO of Bank of Baroda in Mumbai. (PTI Photo)

PS Jayakumar, 53, former chief executive of VBHC Value Homes, on Tuesday assumed charge as the new MD and and CEO of the state-owned Bank of Baroda (BoB) for three years.

The bank is currently under investigation for the alleged default of black money transactions worth `6,000 crore.

Jayakumar’s new assignment assumes significance as the government has introduced a significant policy change allowing private sector professionals to head state-owned banks.

Ravi Venkatesan, ex-chairman of Microsoft India, has been appointed the non-executive chairman of Bank of Baroda.

The Central Bureau of Investigation recently raided the BoB bank branches in connection with the alleged illegal money transfer of Rs 6,172 crore from its branches to Hong Kong. However, its executive director BB Joshi said 90% of the alleged illegal money transfer from its branches came in from at least 30 more banks — both public and private. The amount was transferred by the other banks through real time gross settlement systems (RTGS), he added.