In 2024, at least eight Indian banks will have new heads

 In 2024, at least eight Indian banks will have new heads

In 2024, at least eight Indian banks will have new heads

While some names are still pending the verdict, the majority of cases have had their names decided. Although high-level roles are being filled, there seems to be a staffing shortage at many institutions.

Changes will be made at the leadership of certain significant public and private sector banks in 2024. Axis Bank, DCB Bank, Federal Bank, Punjab National Bank (PNB), Indian Bank, and IDFC First Bank are among the minimum of eight banks. Top roles at Bank of Maharashtra (BOM) and J&K Bank might change.

personal bank

Amitabh Chaudhary is the current CEO of Axis Bank, and his term will expire on December 31, 2024. The same is true for Punjab National Bank's (PNB) Atul Goyal. The process of choosing Axis's and PNB Bank's new MD and CEO has not yet been updated.

Furthermore, on September 22, 2024, Shyam Srinivasan, who assumed the position of Managing Director (MD) and CEO of Federal Bank MD in 2010 and has remained in it ever since, would come to an end.

Nevertheless, the bank has not provided any fresh information about the appointment of the new MD.

The board of DCB Bank has compiled a list of candidates for the MD and CEO positions, and the bank will shortly submit the list to the Reserve Bank of India (RBI) for approval. As a result, the hunt for a new CEO is underway. said. a 20 October exchange filing. On April 28, 2024, the present MD and CEO, Murali Natarajan, will leave office.

After Capital First and IDFC Bank merged, V Vaidyanathan assumed leadership as MD and CEO of IDFC First Bank in December 2018. His current term will expire on December 19, 2024.

Regarding the new MD and CEO, the bank has not released any recent information.

banks in the public sector

The Appointments Committee of the Cabinet (ACC) named Shanti Lal Jain as Indian Bank's new MD and CEO in August 2021. On August 1, 2024, Jain's current term as the bank's MD and CEO is set to expire.

A S Rajeev, the current MD and CEO of Bank of Maharashtra (BoM), was appointed to the position in 2018. In November 2023, the government granted Rajiv a six-month extension, even though his term was scheduled to expire in 2023. The term of Rajeev will expire in April 2024.

On December 31, 2024, Baldev Prakash, the MD and CEO of J&K Bank, will leave his position. Appointed on December 30, 2021, was Prakash.

What took place in 2023?

In 2023, there were several new hires and reassignments to senior roles in banks.

This year, the CEOs and MDs of Kotak Mahindra Bank, HDFC Bank, UCO Bank, Bank of India, Bank of Baroda (BoB), and Canara Bank were either reappointed or replaced. The appointment of 12 new executive directors (EDs) to different public sector banks (PSBs) was also authorized by the government. The following is a list of significant bank executives hired in 2023:

On July 1, 2023, Debdutt Chand became the MD and CEO of Bank of Baroda (BoB). Sanjeev Chadha, whose term expired on June 30, 2023, gives way to him. Chand joined the bank in March 2021 and held the position of executive director prior to being named MD.

However, when Uday Kotak, the bank's founder and seasoned banker, departed from his position last month after 21 years of service, Ashok Vaswani was named MD and CEO of Kotak Mahindra Bank.

Vaswani's appointment is effective as of January 1, 2024, and will last for three years from the date of assumption of command.

different banks

P R Seshadri became the new MD and CEO of Kerala-based South Indian Bank in October. He will take office on October 1, 2023, and serve for a period of three years.

Ashwini Kumar will take over as MD of UCO Bank, a public sector lender, in May 2023.

K Satyanarayana Raju became the new MD and CEO of Canara Bank in February 2023. He assumes the role of LV Prabhakar, who steps down on December 31, 2022. In April 2023, Rajneesh Karnataka was named MD of Bank of India (BOI) by the government.

Does PSB have a staffing shortage?

Banks have found it difficult to address the issue of a staffing shortage in 2023. Based on the data presented in Parliament by the administration, 1,23,781 workers were hired throughout the 2019–20 fiscal year and the 2022–2023 fiscal year. Of them, 14,517 in 2022–2023 and 14,106 in 2021–2022 were hired.

The assertion made by the government, which is based on the disclosures made by certain bank managements, is untrue. Banks haven't even been replacing positions left by resignation, death, retirement, or promotions for over ten years, much alone ones resulting from expansion of their branch network or company. Devidas Tuljapurkar said, "Whole part-time subordinate staff employment have been outsourced.

Joint Secretary of the All India Bank Employees Association and General Secretary of the Maharashtra State Bank Employees Federation (AIBEA).