Key PSU bank posts lie vacant

While the country’s banking system faces challenges on everything from credit growth to deposit rates and interest costs, key positions at top public sector banks, including Punjab National Bank and Canara Bank have been lying vacant for two months, reports Mahua Venkatesh.
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Updated on Feb 26, 2009 09:34 PM IST
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Hindustan Times | By, New Delhi

While the country’s banking system faces challenges on everything from credit growth to deposit rates and interest costs, key positions at top public sector banks, including Punjab National Bank and Canara Bank have been lying vacant for two months.

The appointments are to be cleared by the finance ministry but little effort is being made to fill up these posts, presumably in a pre-election mood of uncertainty and drift.

While the post of executive directors at PNB and Canara Bank are vacant, there is no chairman-cum-managing director (CMD) at Central Bank of India. Punjab and Sind Bank’s CMD RP Singh, a career civil servant, is also slated to move out of his post by February 28 to an unspecified role.

“Top level appointments are in a state of disarray and several banks have no top officials who are entitled to take decisions and that too at a time when the financial sector is finding the going tough,” a senior official at a PSU bank told Hindustan Times.

Apart from this, the government is also in a bind over the procedure of appointment of a deputy governor at the Reserve Bank, with on-off foot-dragging over names.

On current reckoning, PNB’s chairman KC Chakrabarty is tipped to take the post for which Bank of India chairman TS Narayanaswami was said to be in the race.

“If this (RBI appointment) happens, PNB would have all the top three positions unoccupied, which may derail the normal functioning of the bank,” the official pointed out.

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