Ex-LIC chief, former SBI MD among 3 new PSB chairmen

Govt has appointed former LIC chairman M R Kumar, former SBI MD A Krishna Kumar and Bank of Baroda director Srinivasan Sridhar, as chairmen of public sector banks. The Appointments Committee of the Cabinet approved these postings, subject to certain conditions.

Kumar will serve as the part-time non-official director and non-executive chairman of the Board of Bank of India, while Sridhar will take on the same roles at Indian Overseas Bank.

Additionally, Aravamudan Krishna Kumar will undertake these responsibilities at UCO Bank. These appointments come with certain relaxations to Appointments Committee of the Cabinet guidelines.

The terms of appointment specify that these individuals will serve for three years, from the date of notification, or until further orders, whichever is earlier. Moreover, the appointments are subject to specific conditions, including the resignation of Sridhar from the board of Bank of Baroda and Kumar from the board of Suraksha Asset Reconstruction.

The order was signed by Vijay Kumar Darak, deputy director at the Appointments Committee of the Cabinet. The department of financial services will oversee the implementation of these appointments.

SBI surpassed IT major Infosys to become the country’s fifth most valued firm with a market capitalisation of Rs 6.9 lakh crore. Reliance Industries leads the market cap chart followed by TCS, HDFC Bank, ICICI Bank and SBI.