S K Jain

Government scraps selection of 6 banks' CMDs

Bank of BarodaNew Delhi: Government on Monday scrapped the selection of six PSU bank heads during UPA tenure following a high-level panel finding irregularities in the process followed.

The probe into the selections to banks like Bank of Baroda and Canara Bank followed arrest and termination of Syndicate Bank CMD S K Jain for alleged graft.

A Finance Ministry statement said future vacancies of chairman and managing directors (CMDs) as well as executive directors of PSU banks will now be filled through a new selection process.




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