Punjab & Sind Bank names CMD after 18 months

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. HT reports.

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.

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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%.