India to appoint eight bank chiefs

Move follows finance minister's appeal to ensure vacancies in state-owned banks be filled immediately.

After six months of dilly-dallying, the government has settled for the list of eight public sector bank chiefs which was originally proposed by the finance ministry.

With the Prime Minister’s Office (PMO) approving the candidates, the government is expected to notify the appointments either tonight or later this week.

Already, some banks such as Canara Bank, Corporation Bank, Uco Bank and Punjab & Sind Bank are functioning without full-time chiefs. On Wednesday, Andhra Bank Chairman and Managing Director RS Reddy also retired. The list approved by the PMO, however, does not include Punjab & Sind Bank chairman and managing director, who has been selected through a separate process as the candidate has to be a Sikh.

This is despite Finance Minister Pranab Mukherjee asking officials to ensure that vacancies in state-owned banks and financial institutions be filled immediately after an incumbent moves to another assignment or retires.

View the full story in Business Standard.