The authorities has nominated new administrators on the boards of Punjab National Bank (PNB) and IDBI Bank, following the cessation of the phrases of incumbent administrators. Pankaj Sharma has been nominated as a director of the financial institution via a notification dated April 11, 2022 with speedy impact and till additional orders, state-owned PNB mentioned in a regulatory submitting.
Sharma’s nomination follows cessation of Pankaj Jain as director on the board of PNB, it mentioned, including that Sharma is presently the joint secretary within the Ministry of Finance, Department of Financial Services. Meanwhile, personal sector lender IDBI Bank mentioned the federal government vide a communication on April 11, 2022 has nominated Manoj Sahay and Sushil Kumar Singh as administrators on the board of the financial institution vice Meera Swamp and Anshuman Sharma respectively, with speedy impact and till additional orders.
Sahay is joint secretary and monetary advisor within the Department of Expenditure of the Finance Ministry, whereas Singh is director within the Department of Financial Services of the ministry, IDBI Bank mentioned in a regulatory submitting.
“The appointment of Manoj Sahay and Sushil Kumar Singh on the board as government nominee director is being separately processed under Section 161(3) of the Companies Act, 2013,” the financial institution added. IDBI Bank is now categorised as a personal sector lender, with the federal government holding 45.48 per cent stake within the financial institution, and Life Insurance Corporation of India (LIC) proudly owning 49.24 per cent. Shares of PNB have been buying and selling 1.60 per cent down at Rs 36.85 apiece on BSE, whereas the IDBI Bank scrip was down by 2.01 per cent at Rs 46.40.
Source: www.financialexpress.com”