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Business News/ Companies / People/  PNB chief K.R. Kamath does not get extension, demits office
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PNB chief K.R. Kamath does not get extension, demits office

Kamath says he has not heard from the government yet on any future assignment

K.R. Kamath, who has another 13 months left to reach 58, the superannuation age, was widely expected to get an extension. Photo: MintPremium
K.R. Kamath, who has another 13 months left to reach 58, the superannuation age, was widely expected to get an extension. Photo: Mint

Mumbai: State-owned Punjab National Bank (PNB) on Tuesday said its chairman and managing director K.R. Kamath had demitted office with effect from 28 October after completing his five-year tenure.

Kamath, who has another 13 months left to reach 58, the superannuation age, was widely expected to get an extension. However, he was not offered any such extension, a day after the government scrapped the old process of appointing bank chairmen and executive directors.

Confirming the end of his tenure at the New Delhi-based bank, Kamath said he has not heard from the government yet on any future assignment.

With Kamath’s departure, seven government banks—Syndicate Bank, Oriental Bank of Commerce, Canara Bank, United Bank of India, Indian Overseas Bank and Bank of Baroda, are running without full-time chairmen. Vijaya Bank chairman V. Kannan retires in December.

On Monday, the government said it will cancel the current selection process of CMDs and EDs of public sector banks and as a result, eight posts of CMDs and 14 posts of EDs would require to be filled up afresh.

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Published: 28 Oct 2014, 09:30 PM IST
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