Govt appoints Rajneesh Karnatak as BoI MD, Debadatta Chand to head BoB

The government on Saturday appointed Rajneesh Karnatak as Managing Director of Bank of India (BoI) while Depadata Chand appointed Chairman of Bank of Baroda (BoB).

The Department of Financial Services said in a notice that the central government is appointing Karnatak, executive director of Union Bank of India, as managing director and chief executive officer of the Bank of India for a period of three years from the date he assumed the position.

Karnataka replaces Atanu Kumar Das who completed his three-year term in January this year.

In a separate notice, DFS said that Chand, the current CEO of BoB Bank, has been appointed as general manager of the same bank for a period of three years.

However, Chand will take over on July 1 after Sanjeev Chadha’s retirement on June 30.

The two notifications of appointments came after approval by the Cabinet Appointments Committee chaired by Prime Minister Narendra Modi.

The Financial Services Institutions Bureau (FSIB), which is looking for personnel for directors of state-owned banks and financial institutions, in January selected their names and recommended them to DFS for the necessary approval.