The government has finally appointed DP Singh who served as additional secretary, ministry of earth sciences, as the chairman and managing director of Delhi-based Punjab & Sind Bank. The bank has been functioning without a CMD for the last 18 months as the finance ministry failed to identify a Sikh who could take up the top job.
Singh joined office on Friday. PK Anand would continue as executive director.
Last week, the bank reported a 35% increase in net profit at Rs 148 crore for July-September quarter, driven by strong recovery of bad loans.
While most public sector banks have seen a surge in bad loans, P&S Bank has managed to keep the level of its net non-performing assets below 1%.