The Appointments Committee of the Cabinet (ACC) has given its approval for the appointment of S Krishnan as Managing Director and CEO of Punjab & Sind Bank.
Prior to this elevation, Krishnan was an Executive Director at Canara Bank, a State-owned Bank.
He will replace S Harishankar, the current MD and CEO of Punjab & Sind Bank. The ACC has granted permission for Harishankar to retire on voluntary basis with effect from the date of notification of the acceptance, sources said.
Punjab & Sind Bank is among the few state-owned banks that had not been brought into the bank consolidation efforts of the Central Government.
It may be recalled that the government had last year initiated a bank consolidation initiative that saw ten public sector banks amalgamated into four from April 1 this year, bringing down the overall number of state-owned banks in the country to 12.