On Saturday, the Indian government announced the appointment of Rajneesh Karnatak as the managing director of Bank of India (BoI) and Debadatta Chand as the head of Bank of Baroda (BoB). According to the Department of Financial Services, Karnatak, currently the Executive Director of Union Bank of India, has been appointed as the Managing Director and CEO of Bank of India for a period of three years from the date of assumption of office. Karnatak will replace Atanu Kumar Das, who completed his three-year term in January this year.
Meanwhile, Debadatta Chand, who is currently the Executive Director of BoB, has been appointed as the Managing Director of the same bank for a period of three years, as per another notification by the DFS. However, Chand will assume office on July 1, after the current incumbent Sanjiv Chadha superannuates on June 30.
The appointments were made after the approval of the Appointments Committee of the Cabinet, which is headed by Prime Minister Narendra Modi. The Financial Services Institutions Bureau (FSIB), which is responsible for recruiting directors for state-owned banks and financial institutions, had recommended the names of Karnatak and Chand to the DFS for necessary approval in January.