Banks Board Bureau recommends S L Jain for Indian Bank MD position

The Banks Board Bureau (BBB) has recommended the name of S L Jain for the post of managing director (MD) of state-owned Indian Bank.

The term of incumbent MD of the Chennai-based lender, Padmaja Chunduru, would superannuate later this month.

The bureau interfaced with nine candidates from various public sector banks on May 24 for the forthcoming vacancy of managing director and chief executive officer in the Indian Bank, the BBB said in a statement.

The headhunter for state-owned banks and financial institutions also recommended Soma Sankara Prasad as the candidate on the reserve list for the said vacancy.

Jain is currently executive director in the Bank of Baroda while Prasad is deputy managing director in the State Bank of India.

The name of the selected candidate would go to the Appointments Committee of Cabinet (ACC) headed by the prime minister for final approval.

The BBB is headed by former secretary of the Department of Personnel and Training, B P Sharma.

The secretary of Department of Financial Services, secretary of Department of Public Enterprises and the RBI deputy governor in-charge of banking are part of the BBB.

Other part-time members are Vedika Bhandarkar, former managing director of Credit Suisse; P Pradeep Kumar, former managing director of SBI; and Pradip P Shah, founder managing director of rating agency CRISIL.