A New Era
Has Dawned - Private Sector Executives Enter PS Banks - Appointment of
New MDs & CEOs And Non Executive Chairmen Announced
by
Rajesh Goyal
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It was on 14th August
2015, on the eve of Independence Day 2015, that a list of fresh appointments for
the posts of MD & CEO and Non Executive Chairman
were announced after a long period of speculations. These have been
announced alongwith some other critical announcements for the reforms in the
banking industry in India. Interestingly, some of these notification of
appointment of these posts indicates that these appointments are subject
to the outcome of the Writ Petition (C) No 445 of 2015 in the Supreme Court in
the matter of All India Bank Officers' Confederation Vs Union of India and
Others. On the other hand some of these are subject to the outcome of Writ
Petition (C) No 225 of 2015 in the Supreme Court in the matter of K D Khera Vs
Union of India & Others.
We know
that earlier the Government had separated the post of Chairman and Managing
Director by prescribing that in the subsequent vacancies to be filled up the CEO
will get the designation of MD & CEO and there would be another person who would
be appointed as non-Executive Chairman of PSBs.
Govt has
claimed that this approach is based on global best practices and as per the
guidelines in the Companies Act so as to ensure appropriate checks and balances
in day to day functioning of these banks. The selection process for both these
positions has been transparent and meritocratic.
The entire
process of selection for MD & CEO was revamped. Private sector candidates were
also allowed to apply for the position of MD & CEO of the five top banks i.e.
Punjab National Bank, Bank of Baroda, Bank of India, IDBI Bank and Canara Bank.
Three stage screening was done for the MD’s position culminating into final
interview by three different panels.
Five MD & CEOs were appointed earlier.
Appointments of MD & CEOs of five more banks - Bank of
Baroda, Bank of India, Canara Bank, IDBI Bank and Punjab National Bank and
Non-executive Chairman of 5 banks were announced now on 14th August 2015.
Each of these appointments is likely to be for three years subject to certain
other conditions.
Appointments As on 14th August 2015
Name of the Bank
Name of New Appointee
Now Appointed as
Present Age
Present Position
Bank of Baroda
P S Jayakumar
MD & CEO
53 yrs
MD & CEO of VBHC Value Homes Pvt Ltd.
Bank of India
M.O. Rego
MD & CEO
56 yrs
Deputy Managing Director, IDBI Bank
Canara Bank
Rakesh Sharma
MD & CEO
57 yrs
MD & CEO, The Laxmi Vilas Bank Ltd
IDBI Bank Ltd
Kishore Kharat Piraji
MD & CEO
56 yrs
Executive Director, Union Bank of India
Punjab National Bank
Smt. Usha Ananthasubramanian
MD & CEO
56 yrs
CMD, Bhartiya Mahila Bank
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Name of the Bank
Name of New Appointee
Now Appointed as
Present Age
Present/Last Position held
Bank of Baroda
Ravi Venkatesan
Non Executive Chairman
51 yrs
Independent Director, Infosys
Bank of India
G Padmananbhan
Non Executive Chairman
60 yrs
Retired ED of Reserve Bank of India
Canara Bank
T N Manoharan
Non Executive Chairman
59 yrs
Director, Tech Mahindra, Public Health
Foundation
Vijaya Bank
G Narayanan
Non Executive Chairman
66 yrs
Retired ED, Indian Overseas Bank
Indian Bank
T C V Subramainian
Non Executive Chairman
66 yrs
Retired CMD, Exim Bank
NOTE : The selection of non-executive
Chairman in the remaining six PSBs will also be completed in next
three months. Also the appointment of MD & CEO in two other banks
will also be done as early as possible
These appointments have sent lot of heart burning among General Managers and
Executive Directors of Public Sector Banks, as till date they were the only
immediate / future claimants for these posts. Disguised petitions seems to
have been filed by these disgruntled executives, some of whom, have reached to
this level purely on account of dubious means. It was a well known fact
that under the previous government the top posts were frequently filled up on
considerations other than merit.
Another highlight of these appointments is that some of
these posts have been given to executives from private sector. Most
of the Non Executive Chairman are either 60+ or they will become above that age
during their tenure itself.
All these are likely to generate a lot of hot talks among
the bankers. Only time will tell as to how good this change will
prove. However, it is expected that this trend of bifurcation of top posts
and selection from wider range will help to reduce corruption as these
appointments were slowly considered as den of corruption.
We will discuss
about other issues announced on 14th August in the next articles.
We give below the profile of these new appointees, which
will help the readers to know more about these new executives.
S No
Name
Career Profile
1
Ravi Venkatesan
Ravi Venkatesan is a Director on the Board of Infosys, and a Fellow of
the Center for Higher Ambition Leadership, Boston. He is also a member
of the Advisory Board of Bunge Ltd., the Global Alumni Board of Harvard
Business School, and of Marico Innovation Foundation. Between 2004 and
2011, he was the Chairman of Microsoft India, which, under his
leadership, became Microsoft's second largest and one of its fastest
growing geographies. Prior to Microsoft, he spent sixteen years with
Cummins Inc. as Chairman of Cummins India Limited, he oversaw the
company’s transformation into a leading provider of power solutions and
automotive engines in India. He holds a bachelor’s degree in mechanical
engineering from the Indian Institute of Technology, Bombay; a master’s
in engineering from Purdue University; and a Master of Business
Administration from Harvard Business School.
2
T.N. Manoharan
T.N. Manoharan served as the President of The Institute of Chartered
Accountants of India (ICAI) during 2006-07 and was instrumental in
charting the road map for several accounting reforms in the Indian
System and pioneered proactive amendments to the Chartered Accountants
Act, 1949. Shri Manoharan was the Chairman of ICAI of Accounting
Research Foundation. He was on the Board of the Insurance Regulatory and
Development Authority (IRDA) and on the committees constituted by
Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI),
Comptroller and Auditor General of India (C&AG) and Central Board of
Direct Taxes (CBDT) during 2006-07. Shri Manoharan was nominated by the
Government of India to the Board of Satyam Computer Services Ltd. He
made significant contribution towards the revival of the erstwhile
Mahindra Satyam within a short span of time. The Government of India
conferred him the "Padma Shri" award in 2010.
3
G. Narayanan
G. Narayanan served as Executive Director of Indian Overseas Bank,
during the period spanning over 38 years in the Indian Banking Sector.
He was earlier General Manager of Bank of India heading treasury
operations. Shri Narayanan also served as Managing Director of Centrum
Capital Ltd. and Managing Director of Securities Trading Corporation of
India Ltd. He was Director of Clearing Corporation Of India Limited. He
served as Director of IL&FS Investment Managers Limited and Securities
Trading Corporation of India Ltd. Shri Narayanan holds a Diploma in
Corporate Law. He also completed Management Accountant (MAC-1). He has
B.Com form Madras University.
4
T.C. Venkat Subramanian
T.C.Venkat Subramanian served as Managing Director and CEO of EXIM Bank.
He has diverse experience in industrial and export financing. He joined
EXIM Bank in 1982 when it was set up and served as its CEO till 2009. He
actively participated in the setting up of EXIM Bank as a model public
sector organization with a professional work culture. Prior to EXIM
bank, he worked at the Bank of India and IDBI. He holds a BE, CAIIB and
ICWAI (Inter).
5
G Padmanabhan
Shri G. Padmanabhan served as Executive Director of the Reserve Bank of
ndia. As Executive Director, Shri Padmanabhan looked after Department of
Information and Technology, Department of Payment and Settlement Systems
and Foreign Exchange Department. Prior to his appointment as Executive
Director, Shri Padmanabhan was heading the Department of Payment &
Settlement Systems in the Bank since March 2005.He is a post graduate in
Economics (First Class- First) from the University of Kerala and an MBA
(International Banking and Finance) from the Birmingham University, UK.
S. No.
Name
Career Profile
1
K.P. Kharat
Shri Kishor Kharat is Executive Director of Union Bank of India. In his
banking career, in Bank of Baroda, spanning over more than three
decades, Shri Kharat has got varied exposure which includes Credit
Administration, Foreign Business, Information Technology and general
administration in India as well as overseas. Shri. Kharat has
established and headed a foreign subsidiary of Bank of Baroda in
Trinidad & Tobago, West Indies. His other foreign assignment was at
Sharjah (UAE). In his last posting Shri Kharat was heading Financial
Inclusion Vertical as General Manager of Bank of Baroda, wherein he had
been a key driver for implementation of major Financial Inclusion
initiatives. Shri Kharat is a graduate in Commerce, CAIIB and Law. He
also holds an Executive Diploma in Management.
2
Usha Ananthasubramanian
Smt. Usha Ananthasubramanian is the Chairman and Managing Director of
Bharatiya Mahila Bank Ltd. Prior to taking over as CMD of the Bank, she
was the Executive Director of Punjab National Bank for over two years.
She started her career with LIC. She joined the banking industry in
February 1982 as a Specialist Officer in the Planning Stream of Bank of
Baroda and rose to the rank of General Manager. In a career spanning
over three decades, she has worked in various positions in the banking
and allied areas. Key assignments held include General Manager South
Zone, Bank of Baroda and Life Insurance Joint Venture Formation. She was
closely associated with the transformation project of Bank of Baroda
including rebranding and innovative HR initiatives.She holds a Master’s
degree in Statistics from the University of Madras and a Master’s degree
in Ancient Indian Culture from the University of Mumbai.
3.
M.O. Rego
Shri M.O. Rego is the Deputy Managing Director of IDBI Bank. In his
banking career of 31 years since 1984 when he joined IDBI, he has had
extensive exposure in all areas of Core Banking and his forte lies in
International Banking and Treasury. He took the lead in the area of
foreign currency derivatives for liability management and as a result
IDBI Bank was pioneer among all the Indian banks in the derivative
market. He was MD & CEO of IDBI Home finance Ltd. which under his
leadership grew from a fledgling company to become the fourth largest
housing finance company. He holds B.Com from University of Pune and
M.B.A (Finance) from Symbiosis Institute of Business Management, Pune.
4.
Rakesh Sharma
Mr. Rakesh Sharma, the Managing Director & Chief Executive Officer of
Lakshmi Vilas Bank was earlier with State Bank of India where his last
assignment was that of Chief General Manager. Mr. Sharma has served SBI
for over 33 years, heading different departments – both domestic as well
as internationally. His expertise lies in retail and wholesale banking,
asset liability management, loan syndication, trade finance and
personnel development. During his stint in SBI, Mr. Sharma also
administered banking operations for International Banking Group (IBG)
encompassing consolidation of balance sheets for all the foreign offices
of the bank. While posted at Tokyo, he was in charge of overall
functioning of SBI branches in Japan. Shri Sharma holds a B.Com degree
and Masters in Economics.
5.
P.S. Jayakumar
Shri P. S. Jayakumar, serves as the Managing Director of Value and
Budget Housing Corporation Pvt. Ltd. Mr. Jayakumar served as Head of
Balance Sheet Optimisation - Treasury in Asia-Pacific at Citigroup Inc.
since May 2008. Mr. Jayakumar started his career with Citibank in 1986
and has held many senior management positions there, including being
Country Head for Consumer Business in India and Asia Pacific and Head
for Consumer Lending Business in Asia Pacific. During his banking
career, spanning 24 years, Mr. Jayakumar has contributed significantly
to the development of the retail banking industry in India. Mr.
Jayakumar served as Region Head of Asia-Pacific (Consumer Finance) at
Citigroup Inc. He serves as a Director of Home First Finance Company
India Private Limited and Value and Budget Housing Corporation Pvt. Ltd.
He is a Gurukul Chevening Scholar from the London School of Economics
and Political Science on Globalization. He holds a Master's Degree in
Management from XLRI, Jamshedpur and a Bachelor Degree in Commerce from
the University of Madras.
Source : Govt of India announcements
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