Six Public Sector Banks don’t have Non-Executive Chairman, Post lying vacant for months

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Six of the 11 public sector banks in India do not have a non-executive chairman, Business Standard has reported. Some of these posts have been vacant for over two years.

Public sector banks are government owned and in them, a majority stake is held by the Union or state finance ministries.

The banks which do not have anyone in the non-executive chairman’s position are UCO Bank, Bank of Maharashtra, Bank of India, Indian Overseas Bank, Indian Bank, and Central Bank of India.

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Of these, the UCO Bank and Bank of Maharashtra have never had a part-time chairman since 2015 and 2016 respectively.In 2015, the government approved the proposal to separate the posts of chairman and managing directors.

The chairman would be the non-executive arm and be responsible for policy decisions, and the managing director would manage the bank on a daily basis.Indian Bank has not had a chairman since 2018.

Indian Overseas Bank and Bank of India have had the post vacant since 2020. Central Bank of India has had no one in the non-executive chairman’s post since 2021.While some banks have three to four executive directors, there are not many independent directors.

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