Business & Economy News

Air India Independent Director On Board Appointed

An order issued by the Personnel Ministry announced the appointment of D. Purandeswari as a non-official independent director on the board of Air India, on September 20, 2018. The appointment is for 3 years and was approved by the Appointments Committee of the Cabinet.

BRICS Bank Approves $525 Million Loan for Madhya Pradesh

The New Development Bank (NDB) of the BRICS countries announced the approval of a $525 Million Loan to Madhya Pradesh for its infrastructure projects, on September 20, 2018. The decision was taken by the Board of Directors of the bank on September 19, 2018. The loan is for the Major District Roads Project II of the Indian state, and for building/upgrading 350 bridges. The bank, with its headquarters in Shanghai, was set up by the BRICS (Brazil, Russia, India, China, South Africa) countries to provide aid for green and infrastructure projects in the member countries. The proposal for setting up the bank was presented by India at the 4th BRICS summit held in New Delhi in 2012.

Members Appointed to Local Boards of RBI

The Reserve Bank of India is governed by a central board of directors appointed by the Government of India. An official government order was issued by the Personnel Ministry appointing four members to local boards of RBI on September 19, 2018. Rakesh Jain in the southern local board, Sachin Chaturvedi in the eastern local board, Revathy Iyer and Raghvendra Narayan Dubey in the northern local board.

Major Appointments in 10 PSBs by the Government

The Appointments Committee of the Cabinet approved 10 appointments in public sector banks according to an official announcement on September 19, 2018. Padmaja Chundru has been appointed as MD and CEO of Indian Bank, Mrutyunjay Mahapatra as MD and CEO of Syndicate Bank, Pallav Mahapatra as MD and CEO of Central Bank of India. The three are Deputy MDs with SBI. J. Packirisamy has been moved to Andhra Bank as MD and CEO from SBI, S.S. Mallikarjuna Rao has been moved as executive director of Syndicate Bank to MD and CEO of Allahabad Bank. SBI’s deputy MD Karnam Sekar has been moved to the Dena Bank as MD and CEO. Executive Director of India Bank, A.S. Rajeev has been moved to the Bank of Maharashtra as MD and CEO. Executive Director of Union Bank of India Atul Kumar Goel has been moved to UCO Bank as MD and CEO. S. Hari Shanker, Executive Director of Allahabad Bank has been moved as MD and CEO of Punjab and Sind Bank. Ashok Kumar Pradhan, executive director of United Bank of India, has been appointed as MD and CEO in the same bank.