Govt Extends Tenure Of 11 EDs Of Public Sector Banks 

As per the government notification, Joydeep Dutta Roy Executive Director, Indian Overseas Bank, Subrat Kumar, Executive Director, Bank of India, Rajendra Kumar Saboo, Executive Director, UCO Bank, Lalit Tyagi, Executive Director, Bank of Baroda, Nitesh Ranjan, Executive Director, Union Bank of India have been given three years extension.

M Paramasivam ED, Punjab National Bank whose current notified term ending on November 30, has been given extension till date of his superannuation, i.e March 31, 2027, while Central Bank of India ED Malladi Venkat Murali Krishna's term has been extended till July 31, 2027, the month of his retirement.

Sanjay Vinayak Mudaliar, ED, Bank of Baroda would now continue to serve till July 31, 2028 while  Hardeep Singh Ahluwalia, ED, Canara Bank gets extension till his retirement June 30, 2027. 

Ramasubramanian S, ED, Union Bank of India tenure extended till the date of his superannuation on June 30, 2027 while P R Rajagopal ED Bank of India to serve till he attains superannuation age on July 31, 2027.

The Union government in November 2022 raised the maximum tenure of MDs and EDs of public sector banks to 10 years in a bid to retain the best talent in the banking sector.

As per a government notification dated November 17, 2022, the term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years.

Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. This is also applicable for whole-time directors of all Central Public Sector Enterprises (CPSEs).

The amendment was called Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.

The Central government has the right to terminate the term of office of a whole-time director, including the managing director, any time before the expiry of the term specified, by giving him a notice of not less than three months, in writing or three months' salary and allowances in lieu of notice.