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 Hot Talks in Banking Circles


(Are  above circles  moving or is it only illusion ??  Are Some Hot talks only illusions ?? )

Compiled by

Rajesh Goyal 




18th December, 2014 : The appointment of new CMDs in seven banks is still likely to take few days as certain issues are being settled before the final list is released.



27th November, 2014 :  Bankers are now waiting for the release of the final list of CMDs to be posted in 8 banks.   The reports indicate that the list may be released by the end of the month or earlier December 2014.   Further, the name of Mr B B Joshi (at present ED at BoB) is in hot discussions as he is tipped to be CMD of an important nationalized bank by early December 2014 itself.  The candidates who have appeared are keeping their fingers crossed as it is the first selection process after the change of government at the Centre.



17th November, 2014 :  As reported earlier, now the process of selection of 8 posts for CMDs in various banks has started.   The reports indicate that there are 16 eligible candidates for these posts.   Thus, chances of the candidates are 1:2.   The bankers are discussing the changes in the process of selection under which it is proposed to set up THREE SELECTION COMMITTEES, each having only two members.  These THREE committees are to hold interviews of all the eligible candidates i.e. each of the eligible candidate is to be screened through each committee separately. 

Now bankers are hoping that this change in the procedure will make it more and more difficult for the candidates to influence THREE selection committees which earlier used to be influenced by Financial Services Secretary, who used to have almost final say.  Let us watch this new trend evolves. 

 Update: Three more candidates have been added to the list of candidates that are to appear before three sub-committees as their vigilance is said to have been cleared.  These three are IDBI Bank DMD BK Batra, Andhra Bank ED S K Kalra and finally Dena Bank CMD Ashwini Kumar.  This may be for first time that a CMD is appearing for CMD post? Bankers are not sure about the reasons for the same.

It is also reported that final selection to the posts of CMDs will be done by the Appointment Board which will be chaired by RBI Governor, and the same will be based on the weighted average maks given by each of the three committees.   The trend is likely to make RBI Governor more powerful and CMDs are likely to fall in line with RBI's dictates easily.  Hopeful this will help banking industry where greater respect will be enjoyed by RBI Governor.



30th October, 2014 :  The process of selection of 8 CMDs and 14 EDs is now likely to start towards the end of November 2014, but the procedure may not undergo major changes at least this time.  Under the existing procedure RBI Governor heads the Search Committee for selection of CMDs and EDs, but he does not sit in the interview committee.  He appoints a sub committee and the DG from RBI and interview is taken by the panel where two external experts are appointed and Financial Services Secretary is also part of the panel.    The questions are now being raised about the crucial role played by Financial Services Secretary as being the top person in the panel has his way in final appointments.  A row has ensued that RBI Governor too should be part of the interview panel so that the panel is more balanced. Will new Government make some changes in selection process or it will be as good or as bad as it is at present.



30th October, 2014 :   It is reported that Central Vigilance Commission (CVC) is now required to complete the vigilance clearance process within two months from the date of receipt of the vigilance profile of the candidates selected for the appointments on board of Public Sector Undertakings (PSUs).  This will give some respite to officials who had their fates hanging for months together and were at the complete mercy of CVC.



29th October, 2014 :   The scrapping of the panel of 6 CMDs and 14 EDs for appointment in PS Banks during 2014-15, has come as a jolt for some of the top brass of PS Banks.   The report of TOI which appeared few weeks back  is a hot topic as that  report clearly pointed that that a  letter was  sent by CBI Chief to finance ministry citing reports of irregularities in several of such appointments.   CBI seems to have found clues suggesting that ACRs and interviews were managed and some middlemen played a role.

Interestingly, bankers are also talking about the reports which indicate that five of the nine short listed candidates were under the Central Vigilance Commission (CVC) scanner.    Another interesting thing which has been highlighted after the sacking of Syndicate Bank CMD is the fact that Mr. SK Jain (CMD of Syndicate Bank who was arrested by CBI in early August 2014 on bribery charges) was  appointed as CMD despite having "poor" ACRs.

The above shows the deep rooted malaise in the banking sector and reasons for ever increasing NPAs and poor health of most of PS Banks.  Banking fraternity is in dilemma whether they should celebrate this cleaning act or mourn the indelible stigma left by people at the level of CMDs and EDs.


28th October, 2014 :   Reports indicate that finally Mr KR Kamath has not been given extension though he has not yet completed 60 years of age.   This has resulted in lot of speculation among bankers.  The comments on FaceBook indicate number of employees are exchanging greetings on his departure.  

There are speculations as to why this has been done - one view is that the new government will not follow the policy of extensions, whereas the other view is his close proximity with the previous government.  

Another speculation going around in Bank is that it is on account of his extremely poor performance as CMD of PNB which was ranked as number one PS Bank when he took over as CMD in 2009, and now PNB has slipped to rank of four or so, and has huge NPAs and the worst part is that the morale of the employees at all levels is at the lowest ebb.   During his tenure he surpassed many competent senior officers in promotions by introducing the concept of preferring junior officers (preferring those who are to retire beyond 2020), and called it 2020 scheme.   Such officers were even openly encouraged to have separate meetings among themselves and called it 2020 Club !  Thus, senior (age wise) officers got antagonized  as they have to work under junior officers although they were equally competent but were ignored merely on account of age factor.   Younger staff failed to deliver on account of rift generated between such groups.  Such open support for officers retiring beyond 2020 proved disaster for the moral of the senior officers and ultimately for the bank.  His policy of compulsory transfers across India was another red herring for officers, which he tried to correct during last year of his tenure but  failed to enthuse the officers.  

Good luck to Mr Kamath for his future / retired  life (Hopefully he too will join some private sector firm like his predecessor Mr K C Chakrabarty !) and hope the new incumbent will learn the correct lessons based on past mistakes, and will be able to remove the rift and PNB will again achieve the glory which I have seen during my service of being No. 1 in the industry for almost 30 years (from 1980 when we joined till 2011 when I left).

The truth for not giving the extension will be known to select few people or it may be out later on.  Till that time we, like other bankers can only speculate.


28th October, 2014 :   We are writing on this page after long time as for last few months there has been no activity on promotions and appointments of bankers,  Today it is a hot topic among top bankers that Mr K R Kamath, CMD of Punjab National Bank has been refused any extension though he still had 13 months of service left.   Although some sources indicate that last minute efforts are on for the extension.   If he is not given any extension, it will be one of the rare cases where a CMD has been retired before completion of 60 years of age.  Bankers are speculating about the reasons for denial of extension.
28th October, 2014 :  The controversial Dr K C Chakrabarty, former CMD of PNB and also ex-Deputy Governor of RBI who took voluntary retirement a few months before his retirement from RBI, is said to have joined as an Independent Director of Indiabulls Housing Finance.   Bankers are talking about the morality of joining such a job after remaining DG of RBI.    
31st January, 2014 : It is hotly being debated as to why this Government is in hurry to clear the list of promotions to the posts of EDs from the existing GMs of Banks?  It seems Congress Government has resigned that it will come to power this time.  Thus, they are in hurry to clear the list, though first posting of the new EDs is due to start only from August 2014.   What will the new Government do with the list cleared in hurry now.  Only God  knows.
29th January, 2014 : A number of bank officers are always looking for VRS owing to unnecessary pressure tactics adopted by management or rarely on personal reasons.  However, there are only few instances where officers in Scale V and above have opted for VRS.  Reports indicate that Mr S K Widhani, General Manager at Allahabad Bank has sought VRS.  Any guesses for the reasons ?
28th January, 2014 : Mr R V Verma, who is said to have resigned, is likely to join Pension Fund Regulatory and Development Authority ( PFRDA).  Just wait and watch.
27th January,  2014:  There is a buzz in banking circles that Mr R V Verma, Chairman of National Housing Bank has sent his resignation.  The rumors are going around about his next move.

27th January,  2014:  Reports indicate that the list of 14 GMs to be promoted as ED in various banks has been finalised and the same is likely to be sent to ACC for approval soon.

26th January,  2014:  J K Singh Kharb, GM at Dena Bank has joined as new Executive Director of the Allahabad Bank.
26th January,  2014:  B K Divakara, General Manager at Corporation Bank, has been appointed new Executive Director of the Central Bank of India.
3rd February, 2014 :  Interestingly, once again an IAS Officer has been appointed as CMD of PSB.    Mr Jatinder Bir Singh, an IAS officer of 1983 batch and belonging to Assam-Meghalaya cadre has been appointed as Chairman and Managing Director of Punjab & Sindh Bank (PSB)



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3rd December, 2013:   Mr Arun Tiwari, at present Executive Director with Allahabad Bank, is likely to join Union Bank as CMD.  Earlier reports had tipped the name of Mr B K Batra for the same post.

7th October, 2013:   The orders apoointing Shri Gauri Shankar (DoB 25.03.1956) as the Executive Director of PNB have been issued.  He has been appointed to ED's post upto 31.03.2016+ i.e. the date of his attaining the age of superannuation. (At present he is GM, BoI)

4th October, 2013:   It is reported that the orders for appointing Mr S R Bansal (DoB 03.01.1956), as CMD of corporation Banks have been issued (At present he is ED at PNB).  He will remain to the elevated post till 31.01.2016 ie the date of superannuation.

3rd October, 2013:   Banker are likely to soon  see the orders for the appointment of Ms Arundhati Bhattacharya as the new Chairperson of SBI.   The post had become vacant after the end of the tenure of Mr Pratip Chaudhuri  ended on 30/09/2013

3rd October, 2013:  Mr S Muhnot (presently with SIDBI) is tipped for the top post of BoM in place of Mr Narendra Singh, who has retired on 30th September, 2013.

1st October, 2013:  Mr S R Bansal, ED with PNB is likely to receive his posting  orders on promotion as CMD in Corporation Bank in next two to three days.  Simultaneously,  the orders of Mr Gauri Shanker (presently GM in BoI) for posting as ED in PNB in place of Mr Bansal are expected.  Good Luck to both of them



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28th March, 2013:  It was in the second week of February, 2013 that interviews for filling up the posts of CMDs and EDs in PS Banks during FY 2013-14, were held.  Since then, there was been lot of speculations and people were expecting that lists will be out soon.  However, we had kept silence as nothing create was available.  Now bankers have given hope of an early announcement of the list as CVC is likely to take its own time for approval of the list.  Thus, it may be even few weeks more - may be after end of the Parliament session - before the cat is out of the bag!

21st February, 2013:   For last few day, news has been coming that finally Ms Archana Bhargava will become CMD.     Now there are talks that she will take over as CMD of United Bank very soon.  Normally, whenever there is change at the top level, there are ripples down below.  Bankers are talking that this time in United Bank there may be bigger waves.    We wish good luck to all top management people of United Bank.

11th February, 2013:   It is reported that today only 17 EDs appeared for interviews for the likely 9 posts of CMD for the FY 2013-14.   Now in next round (13th February), there are likely to be 35 GMs appearing for interview for appointment as EDs in the forthcoming FY.  

6th February, 2013:   On 28th January, we had announced that interviews for appointments to the posts of CMDs and EDs for FY 2013-14 will be held in the middle of February, 2013.  Now the latest reports indicate that these have been scheduled for 11th February (for CMD) and 13th February, 2013 (for GM to EDs).  The atmosphere at the top level is now charged up and people are guessing who will be able to pull through with the new alignments in the political circles and funds required for the forthcoming elections!

2nd February, 2013 : Bankers are now talking about the new Secretary, Financial Services, Mr Rajiv Takru, who is a Gujarat cadre 1979 batch IAS officer.    He is likely to meet all the Bank CMDs on 5th February, 2013.      Bankers are closely watching the development as the tenure of earlier Secretary, Mr Mittal has sometimes been criticized by certain quarters.  However, another group felt he tried to bring back the detailed banking management on back on rails.    [Takru was previously Prasar Bharti CEO and has  replaced D K Mittal, who retired on 31st January, 2013.   Prior to this, he was Additional Secretary and Financial Adviser in the Ministry of Health and Family Welfare.]


28th January, 2013:   After lot of controversies in appointment of CMDs during 2012,  bankers are now talking about the likely interviews for selecting the panel of CMDs to be appointed during the FY 2013-14.    The interviews are likely to be held by the middle of February 2013 itself.    We are sure pulls and pushes must have began.

18th December, 2012: The talks in the bank circles once again indicate that R K Dube will be soon taking over as CMD of Canara Bank !  Has Mr Arun Kaul has  lost the battle for lateral promotions on account of some motivated complaints ?

21st November, 2012:   A few weeks back,  I have written an interesting article "Selection of CMDs and EDs in Public Sectors Banks  Are Nothing More Than Farce",  where inter-alia, I have talked about as to how the criteria is tweaked every year to suit the whims of political class.    Bankers are now talking about a report published in Business Standard confirming that this year even the candidates who have merely served for 6 months as ED are likely to be called for interview for selection to the posts of CMD falling vacant in FY 2013-14,  on the plea that sufficient candidates are not available.  (Till last year it was 2 years).    We are again vindicated about what we have written a few weeks back.   Why GoI can not plan the career paths in advance?    It appears the Congress Government wants to make best use of the last opportunity for appointment of CMDs before next LS elections.   Long live corrupt politicians and bankers!!.   Click here to read the full story   


20th November, 2012:   We at have recently taken up strongly for the likely  titanic defaults of KFC and Deccan.    Now, reports indicate that bankers are talking about the strong lobby which is accusing Mr Pratip Chaudhuri of causing titanic loss which can reach upto Rs 2000  crores in case of KingFisher Airlines (KFA) alone.   Now Million dollar question is whether a banker at a level of CMD will face any punitive action for the lapses, some of which we have highlighted in our article at  in the above case?   If he is punished, what about other top brass in other banks.  If government agrees for action against top brass, we are sure things will start improving soon.

20th November, 2012:   Reports are coming that  Mr Ashwani Kumar, at present  ED at Corporation Bank, is  likely to join as CMD of Dena Bank in December 2012 itself,  as Nupur Mitra, present CMD of Dena Bank is to retire on December 31.

8th November, 2012:  The process for selection of candidates for posting as CMDs and EDs in the banking industry for the vacancies that will become vacant in FY 2013-14, is expected to start in December 2012 itself.
5th November, 2012:  Bankers are talking about vigilance clearance to some of the top bankers who are empanneled for posting as CMD.   Ms V R Iyer will join BoI, whereas RK Dube can get UCO.   In the process of lateral promotion, Mr Arun Kaul is likely to join Canara Bank.
31st October, 2012:  Although the postings of many yet to be elevated CMDs is still in limbo, yet the process for selection of CMDs for next FY is already under way .   Bankers are discussing that next year, nine CMD posts will be available.  For this selection, a list of 17 EDs has been short listed and the process for interviews is likely held later on.
18th October, 2012:   Bankers are now expecting that Ms .V R Iyer and Mr R K Duby will soon join the new assignments of CMDs at Bank of India and UCO Bank respectively.  It appears their files  have cleared the vigilance hurdles.   This means Mr Arun Kaul will get his lateral promotion to Canara Bank.  We at have been advocating of such lateral promotions for  a long time now.
9th October, 2012:   The controversy about lateral shifting of CMDs is refusing to die down.    We have been reporting on this issue almost for one year now.   Different authorities have different views on this issue and each group had been lobbying for his / her views.    The latest hot talks in banking circle indicates that now RBI Governor is against such a move.  Will FM be successful in his plan to provide Mr Kaul and  Mr Bhasin the lateral promotions.    It is still wide open.
8th October, 2012:   Although the postings of all the EDs approved in the last selection held in January 2012 is yet to be completed, bankers are now discussing about who will be eligible for next year's interviews for the posts of EDs.    The banks have been asked to submit the list of GMs who are likely to be eligible for being considered for the next panel of EDs.
8th October, 2012:   We have written on several occasions that seniority has been ignored by MoF while releasing the postings of EDs.   From the panel approved for postings as EDs in PS Banks, two bankers joined on 5th October.  Now it is reported that a very senior banker Mr Ranjan Dhawan, CGM at PNB, is likely to take over as ED in BoB on 1st November, 2012.   We wish him good luck.
6th October, 2012:   Finally, at least two GMs have joined on promotion as EDs in two PS Banks on 5th October, 2012.   It appears the constant hammering about delay has led to the release of promotions of Mr, S K Kalra, who has joined as ED in Andhra Bank; and Mr. B Nayyar who has joined as ED in Oriental Bank of Commerce.  We wish both of them good luck in new posts.
2nd October, 2012:   3 big PS Banks are now (Headless) - Some EDs become de-facto CMDs and can run reign of terror.   Bankers are well aware that interviews for the forthcoming vacancies for CMDs were held way back in January 2012, on the pretext that the appointments this time will be made well in advance and Banks will not remain headless even for one day as these are important institutions for nation's development.   Now, in October 2012, almost 9 months later,  bankers find that there is still chaos in MoF and 3 big PS Banks - Allahabad Bank, Canara Bank and Bank of India are HEADLESS as on this day.  Bankers are talking about EDs of these banks, who have become de-facto Chairman of such banks (Some of them may be under constant scanner of vigilance / CBI, but have now got free hand for manipulations as head of the institution).   Bankers are well aware that this type of stop gap only brings new groupism and encourages corruption and nepotism.    A few weeks back, we have also received details about how  a General Manager of one of these PS Banks had a heart attack right in the middle of  board meeting   Luckily he is reported to have survived, but bank community was talking about the undue pressure created by seniors in almost all meetings.   Bankers were also talking in hushed tones about some VRS options being explored by GMs to save themselves from such humiliations and reign of terror among top management by certain EDs / CMDs in the past as well as to present day.   Slowly, this type of terrorism is percolating downwards to middle level management also. I am not sure when will this kind of corporate terrorism end.

 [Update: It is reported that Ms S. Panse has joined Allahabad Bank on 1st October late evening and will report to HO at Kolkatta on 3rd October]


26th September, 2012:   Banking circles now buzzing about the strong lobby of  to be promoted as CMDs and  likely to be posted as CMDs.   This group of likely CMDs, some with well known dubious credentials, are putting all their weight to deny lateral promotions to Mr. Arun Kaul (tipped to be shifted to Canara Bank) and T M Bhasin (tipped to be shifted to BoB).   This new group wants to grab the bigger banks and deny the senior CMDs  like Mr Kaul and Mr Bhasin their due share.   Draggers are out.   We hope they will not succeed and Mr Kaul and Mr Bhasin will get their due share.  
17th September, 2012:   Banking circles are talking less about the Mid quarter review of Monetary Policy (cat is already out of the bag with small CRR cut), but more about Mr D K Mittal's (Secretary, Financial Services i.e. Banking) Mumbai visit on 17th & 18th September to meet RBI top brass.  Why? Many issues affecting bankers, including finalisation of the list of CMDs for postings, are likely to be discussed at the meeting.   
6th September, 2012:   There is no clarity about the final postings for the posts of CMDs.   It appears lots of lobbying is going on behind the scene or some prefer to call this as the hard bargaining.    Who will get which bank is still a wide guess ?   Like our Prime Minister,  we will prefer to keep silence at this stage !! 
5th September, 2012: The whole parliament has been in logjam and government in limbo, but a new list of postings is now taking rounds in banking circles.  Some of these names we have already mentioned in our earlier talks.   Now we give below the likely postings of seven top bosses as per latest hot talks.  Will new list be cleared once Parliament session is over is another question going round here? 

Present Posting

Expected Changes

Arun Kaul

UCO Bank  (CMD)

Bank of Baroda  (CMD)

TM Bhasin

Indian Bank (CMD)

Bank of India (CMD)

Vijayalakshmi R Iyer

Central Bank of India (ED)

Indian Bank (CMD)

S S Mundhra

Union Bank of India (ED)

UCO Bank  (CMD)

Shubhalakshmi Panse Vijaya Bank (ED) Allahabad Bank (CMD)
Archana Bhargawa Canara Bank (ED) United Bank (CMD)
R K Dubey Central Bank of India (ED) Canara Bank (CMD)
4th September, 2012:   Now another posting of CMD is being discussed in banking circle.  R K Dubey, presently ED of Central Bank of India is likely to be appointed as CMD of Canara Bank. 
4th September, 2012:   SBI is abuzz with the reports indicating that there will be a major reshuffle in SBI at the level of GMs. 
4th September, 2012:   Now Banking  circle are abuzz with the likely posting of another woman as CMD.  It is the turn of Ms V R Iyer, who is ED with Central Bank at present.   She is likely to be appointed as CMD of Indian Bank.   (earlier reports had indicated her posting at BoI. 
30th August, 2012:   Banking  circle are talking about the likely elevation of Ms Archana Bhargavwa, who is ED with Canara Bank at present.   She is likely to be appointed as CMD of United Bank.   Staff at PNB, the bank to which she originally belongs,  knows her styling of working  very well.  
28th August, 2012:   Banking  circle are waiting for changes at the top levels.   Reports indicate that Mr S S Mundhra who was earlier likely to go to BoB is now expected to join UCO Bank.   Under lateral movement concept, Mr Arun Kaul is to join BoB.   We hope this will be a smooth transition in the days of political turmoil.
23rd August,  2012:   A glance at this page reveals clearly that the present Government is really in paralysis mode.  For seven months, we are hearing dilly-dallying on lateral promotions for CMDs and new appointments for EDs and CMDs.  Some top bosses with the right connections have managed to join as EDs, whereas some others with higher calibre are languishing.

Now once again the issue of lateral promotions are talk of the banking industry.  In the process Arun Kaul and TM Bhasin are likely to get lateral promotion whereas following others to become CMDs.


Present Posting

Expected Changes

Arun Kaul

UCO Bank  (CMD)

Bank of Baroda  (CMD)

TM Bhasin

Indian Bank (CMD)

Bank of India (CMD)

Vijayalakshmi R Iyer

Central Bank of India (ED)

Allahabad Bank (CMD)

S S Mundhra

Union Bank of India (ED)

UCO Bank  (CMD)



22nd August, 2012:   Top Bankers are talking in hushed tones as to how Mr KC Chakrabarty has managed two years extension as Deputy Governor, RBI, since a few weeks back, Mr Pranab da (then FM) had agreed for only three months extension upto 14/9/2012.   Bankers have still fresh in their memory the faux paus created by Mr Chakrabarty when he was stripped off all the major portfolios by Governor.   It is beyond comprehension as to how can a DG improve his performance in a matter of few days that he is allowed extension by 2 years.   Anyway, even in banks promotions are not always on performance but "jugad".  Bankers are wondering as to whether the outspoken DG has patched up with Governor or bowed before him?   Time humbles even the worst dictators.   He will continue as DG till 30th June 2014 (i.e. till he attains the age of 62 years or until further orders).   I hope, now you will agree that even an elevation of an adversary brings sometimes smile on one's face - as it was the case in PNB when this DG got elevated !!   
17th August, 2012:   Since PC has joined as FM, banking circles are buzz with reports that he is in favour of lateral promotions at the level of CMDs.   This has already appeared in some newspapers.  Amid the reports that PC will be meeting PS Bank Chiefs on 18th August,  there are hot talks that there is a likely to be major re-shuffle at the top level of banks.  Scramble for grabbing the plum posts by some and hard ball lobbying to retain the prime existing posts has started.   Stiff resistance is possible by some existing incumbents.

We will keenly watch the body line of Bank Chiefs in the forthcoming meeting with FM.  Certainly, most of them will be keen to bend to the maximum extent, but some of them may appear to be totally SPINELESS !

Soon you may see a new name plate outside CMD's room !!


11th July, 2012:   Just before the departure of Mr Pranab Mukherjee as FM, some files relating to promotions from GM to ED were cleared and list was released hurridly.   Now,  some other names are also being cleared one by one.  The reports indicate that the file of Mr Ranjan Dhawan, CGM (PNB)  has moved further for his elevation to the post of ED at Bank of Baroda.
5th May, 2012 :  Based on the unconfirmed reports, there are hot talks in banking circles about the names of GMs who are likely to be elevated to the posts of EDs.  These are :-

1. Ranjan Dhawan-CGM, Punjab National Bank to Bank of Baroda
2. V.S. Krishna Kumar -Allahabad Bank to Canara Bank.
3. B.K. Shrivastava -Allahabad Bank to Corporation Bank.
4. Sadhu Ram Bansal -Dena Bank to Punjab & Sind Bank
5. S.D.Arya- Bank of Maharashtra to United Bank
6. Ramdas Shenoy -Corporation Bank to Vijaya Bank
7. Arun Tiwari- Bank of Baroda to Allahabad Bank
8. Sudhir Kumar Jain- Dena Bank to Bank of Baroda
9. Bhupinder Nayyar -Bank of India to Oriental Bank of Commerce
10. Atul Gautam- Oriental Bank of Commerce to Vijaya Bank
11. S.K.Kalra- Allahabad Bank to Andhra Bank.
12. Malay Mukherjee Indian Bank to Central Bank of India.
13. R.K.Goyal -Bank of India to Central Bank of India.
14. P Srinivas - Andhra Bank to Bank of Baroda.
15. K Subramanian- Indian Overseas Bank to Union Bank of India.
16. S K Sangar - Union Bank of India to Punjab National Bank.

Will this prove to be final list? or new names added  under political pressures is anybody's guess.  There is extraordinary delay on account of problems being faced by UPA government on various fronts.   Such appointments do not have priority and  much importance for political bosses.

30th April,  2012 :  There are reports that five new Deputy Managing Directors in State Bank of India have been finalised from CGMs who were interviewed about a couple of days back. The new DMDs are : (1) Mr. Chaubal BV;  (2) Mr. Mishra, Sushil Kumar;  (3) Mr Murali V. (4) Mr  Shriram B.;  (4) Mr Sharma, Sharad

ABS wishes all of them good luck in the elevated positions.


10th April, 2012 :  It has been quite sometime that we have not updated this column.  The reason is that there was silence as far as promotions to the posts of CMDs and EDs is concerned as Government was busy in fire fighting on many fronts - corruption in coal ministry, army controversies etc etc.  PM and his associates had no time to see the file relating to petty issues like promotion to the posts of CMDs etc.  Now, as new financial year has started and no appointments will become due, the rumors have started floating that file will be cleared by next month.

It is a known fact that the expected list of CMDs (which we have also hosted) contains certain names which across the industry are known to be not clean at all.   With delays, in some cases new issues relating to corruption might have surfaced as you can keep lid on some issues forever.  With government already under fire on corruption issues, can PM afford to put such people at the helm of the affairs?  There are hot talks that some earlier names may be struck off and new names added to the list. 

The million dollar question is whether the lobby of corrupt bankers will be able to continue dominate the scene and will have its own way or PM will be able to exclude some of such names.  The past trends do not give us confidence in the matter.   But the latest reports indicate that some changes are likely to happen.   Let us hope the new list is of the people with much more clean image.




15 March, 2012 :  We have not updated for almost for over a fortnight.  The reasons is that there is no news.   But no news can also be a news!  The process of promotions to EDs and CMDs for the current year is still in limbo.  Congress government is only fire fighting for its survival for last few weeks.  The files of promotion to EDs and CMDs have no priority as compared to save the government from the onslaught of the allies like TMC, DMK and reverses in the recent elections.   Government is working overtime to save itself from mid term polls.  In these circumstances, we have to wait whether PM will be able to find time for such non priority area.  Another question is whether things can be rushed if it becomes certainty that mid term polls can become reality in very near future.



28th February, 2012 :  Bankers are talking that Mr Anil Kumar, GM at Allahabad Bank, who died recently, was under stress as some top bosses were not at all in favour of his promotion for the post of ED.  Was vigilance clearance by the bank delayed and vigilance enquiries relating to his postings at Ludhiana were motivated but could not find any thing against him.    Ultimately clearance was to be given by the same elements.    Did these incidents perturbed him so much that he died.   In case these reports of pressure tactics used to harass GM are true, than it is a really a sad commentary  on the working of the top bosses in the banking sector.  

Every banker knows that bosses put undue pressure if they do not toe their line. Such pressures leads to high blood pressure, diabetes and other diseases.   Some ultimately die under such pressure.   But culprits are not booked as no banker has the guts to raise his voice against such bad bosses.  In case of deaths,  it is difficult to prove that the victim died purely on account of such pressures.

We prey God,  Save the Bankers from Bad Bosses.  Give strength to bankers so that at least some of them can raise voice against such bad bosses,  and others at least support the crusaders.



27th February, 2012 :   We have been reporting the developments relating to promotion to the posts of EDs and CMDs for last few weeks.   Today, we received two reports - one is really a sad one and the other a good one.

On 7th February we have reported that the name of Mr Anil Kumar, GM at Allahabad Bank is among the likely candidates to be promoted  as ED.   However, banking circles are shocked to know that Mr Anil Kumar breathed his last on 25th February.  Our heartfelt condolences for the bereaved family.

On 19th January we have given in these columns the names of the candidates who are likely to be promoted as CMDs.   However, the file remained pending for the reasons discussed in these columns.  Banking circles were talking about the pressures for change in the list.  On 21st February, we reported that bankers are discussing that Dr Subbarao has refused to budge.  We saluted Governor RBI for taking a firm stand.     Now after six weeks of speculation regarding lateral movement of CMDs, banking circle are again abuzz that the file with the names (as reported in these columns) has moved to PMO and thus following six candidates are likely to be promoted :-

Name of the Candidate       Present Posting as ED in         Likely Posting as CMD in


(a) Ms. Archana Bhargawa -             Canara Bank                    United Bank of India

(b) Mr H S Mundra -                  Union Bank of India,                  Bank of Baroda

(c) Mr R K Dube -                      Central Bank of India                  Canara Bank

(d) Ms. Shubhalakshmi Panse             Vijaya Bank                     Allahabad Bank

(e) Ms.V R Iyer -                        Central Bank of India                 Bank of India

(f) Mr Ashwani Kumar                  Corporation Bank                        Dena Bank

We again salute Governor RBI for his commitment to honesty and firm stand.  Best of Luck to the above candidates and we wish they learn from Dr Subbarao and do not become SPINELESS when confronted by babus of Finance Ministry and politicians. 



21st February, 2012 :   Honest bankers are admiring that  Dr Duvvuri Subbarao is proving a hard nut to crack as he is sticking to the original list of CMDs as per minutes signed by him.  Thus, there may not be any changes in the original list of candidates approved for the panel.  Hats off to Dr Subbarao for his stand.   It is wonderful news we have heard after a long time, as most of the CMDs and other finance ministry officials have proved  themselves as SPINELESS and always ready to change the lists as and when asked to do so.   All honest bankers are well aware that in bank internal promotions and postings lists are drawn, redrawn upto 10 times to accommodate the candidates who have pulled up the strings.  Will GMs, EDs and CMDs of PS Banks will learn from Dr Subbarao ?


21st February, 2012 :  The Hot talks are going around that Mr K C Chakrabarty will be able to get extension and in such a situation, no new DG is likely to be appointed in next few months as there will be no vacancy.    Is it an indication that  Mr SubbaRao feels that Mr Chakrabarty is now a domesticated tiger or are some other forces play major roles in such extensions and will not allow the writ of Governor to run ?



18th February, 2012 :   Last few days we were getting reports that Mr Kamath, CMD of PNB may move to RBI as DG.   We avoided the reporting as this was being talked in hushed tones.  Now reports indicate that these were only rumors for the time being.    Now bankers are talking as to whether Mr K C Chakrabarty, current DG in RBI will retire in June this year itself.  Let us wait what happens to this DG who had to be reigned by Governor of RBI on number of occasions for his outbrusts.   It was something like Mouthshut Dotcom syndrome.  His recent utterances that there is nothing to worry for NPAs of PS Banks has triggered controversy as recently Finance Ministry has contradicted him by saying that PS Banks have been overstating profits and there is a need for proper provisioning for bad loans.  


16th February, 2012 :   Bankers are surprised that Mr M G Sanghvi, ED in Bank of Maharashtra has been attached to Syndicate Bank even before he takes over the charge of the bank on 1st March, 2012.    We have heard of postings of new incumbents before previous incumbent retires.   Will this will now onwards become a norm.  Who will take decision during this period or bank will be in limbo as normally it happens in branch during such postings ?  Good luck to old incumbent and we wish he continues to get the same respect for next fortnight.
16th February, 2012 :   Delay and silence of Finance Ministry about the promotions to CMDs in public sector banks is continuing the under current of uneasiness and speculations among the top bankers affecting the day to day working of many banks.   Such delays raise the questions of back hand pulls and push and the role played by power of money for select postings.    It is reported negotiations (sorry, sorry..... we mean  discussions ) are still going on for final postings of CMDs.

Where is Anna...............?? Instead of saying "I am Anna, You are Anna", now politicians say "Anna is Dead.   Nobody is Anna in India".   Long Live This Class of politicians !!!

15th February, 2012 :   Valentine Day is over but.......  Banking circles are buzzing that  Dhanlaxmi Bank has  found her new valentine - Big Daddy.   People are closely  watching every move of both.   Will Big Daddy respond to Dhanlaxmi's moves.    Will Dhanlaxmi and SBI soon marry ?  You need not frown over Big Daddy marrying young Dhanlaxmi.   This happens in financial sector.  Such marriages are not decided in Heaven but on the tables of the Ministry of Finance / RBI.

13th February, 2012 :   The reported death of Mr. Shambhu Sharan Singh, Chief Manager of Punjab National Bank during a Manager's meeting has sent shock waves across the banking fraternity.   We feel there is an urgent need for IBA to take steps to stop such behaviour of top officials in open forums like Manager's meeting.   Read full article and suggestions  by to stop such abuse : Chief  Manager  Of  PUNJAB  NATIONAL   BANK  Dies  During   Manager's Meeting  



12th February, 2012 :   A sense of uneasy is prevailing among the top brass in the banking circles.   The issue of lateral movement of CMDs (which still remains a thorn for the GOI),  non clearance of files relating to promotions to the posts of EDs and CMDs, have created uncertainty and a sense of indecisiveness among the top management of most of PS banks.   No one is sure, what is likely to happen in next few days or what is not likely to happen in the coming week.    However, we can say with certainty that such an uncertainty is certainly bad for the PS banks, which are so near the closure of the financial year.   Hope good senses will prevail in Finance Ministry and files will be cleared soon.



7th February 2012 : 

(a) The hot talks in the banking circle are abuzz with the reports that IBA is in favour of later shifting of CMDs, but FM may not agree to the same owing to reasons already in public domain when a decision to scrap the earlier policy was undertaken.  We have to wait and watch for the final decision of Pranab da.

(b) In the meantime,  top circles in the banking are hotly discussing the reports that the names of the following existing GMs in different PS banks will find a place in the final list of candidates to be promoted as EDs in public sector banks.


Name of the Banks   Names of the candidates whose names are likely to be in the final list of promotions to the posts of   EDs
Allahabad Bank   S.K. Kalra, Anil Kumar
Andhra Bank   P.Srinivas, R. Atmaram
Bank of Baroda   Arun Tiwari
Bank of India   Bhupinder Nayyar and R.K. Goyal
Central Bank of India   Upagupta Mohapatra
Corporation Bank   K.G.Shenoy
Dena Bank   Sudhir Kumar Jain, Sadhuram Bansal,
Indian Bank   Malay Mukherjee
Indian Overseas Bank   K.Subramanian
Oriental Bank of Commerce   Atul Gautam
Punjab National Bank   Ranjan Dhawan
United Bank of India   Ambrish Nanda
Union Bank of India   S.K.Sangar


The final list is likely to include few more names about which contradictory reports are coming.  Last minute efforts by some candidates with Government and God will certainly bear fruits for them.



6th February, 2012 : It is about 3 weeks back that we have discussed in this forum that soon the list of the EDs to be promoted as CMDs in 2012 will be declared.  The reports even indicated the likely Banks to be allocated to each of them.  However, since then we have reported that file is pending with FM.

The latest talks in the banking circle indicate that the file is pending owing to the objections by some existing CMDs of smaller banks, who wish that the earlier policy of lateral shifting of CMDs from smaller banks to bigger banks should be continued.   If FM agrees with the objections of these CMDs, then the newly promoted CMDs are likely to get smaller banks and not bigger banks like Canara Bank, Bank of Baroda, Bank of India.  Will the arguments and pressure tactics of existing CMDs will cut ice with FM?  Lets wait and the aspirants continue to be on tenterhooks as Pranab da takes his own time to settle the issue. 



30th January, 2012 :  Banking circles are abuzz with the selection process that has been initiated for promotions from General Managers of PS Banks to the posts of Executive Directors in PS Banks in the current year itself.   The process has been initiated and a majority of the candidates have already been interviewed, and remaining candidates are likely to be interviewed today itself.   The reports indicate that for 22 posts of EDs, only 39 candidates have been called for interviews.  The details of the GMs who are appearing for interviews are :-


Name of the Banks Total No of CGM / GMs appearing for interview Names of the candidates appearing for interview for the posts of EDs
Allahabad Bank 8 S.K. Kalra, D.Chakravarty, Anil Kumar, Sharman Shrivastava, V.S.Krishna Kumar, P.S.Bhatia, Satish Kumar Widhani, B.K. Shrivastava
Andhra Bank 3 P.Srinivas, R. Atmaram, M.S. Chelapati Rao
Bank of Baroda 4 R.S.Setia, Arun Tiwari, S.Kalyan Raman, Animesh Chauhan
Bank of India 2 Bhupinder Nayyar and R.K. Goyal
Bank of Maharashtra 1 S.D.Arya
Central Bank of India 1 Upagupta Mohapatra
Corporation Bank 5 C.G.Pinto, K.G.Shenoy,K.Ramdas Shenoy, K.V.Raghav Kamath,B.K.Diwakar
Dena Bank 5 Mukesh Kumar Jain, Sudhir Kumar Jain, R.K. Gupta, Sadhuram Bansal, Mahendra Kumar Sharma
Indian Bank 1 Malay Mukherjee
Indian Overseas Bank 1 K.Subramanian
Oriental Bank of Commerce 1 Atul Gautam
Punjab National Bank 4 Ranjan Dhawan, B.P.Sharma, S.S. Bhatia & Farid Akhtar
United Bank of India 1 Ambrish Nanda
Union Bank of India 2 S.K.Sangar & T.K. Shrivastava
TOTAL 39 wishes all the candidates good luck.


30th January, 2012 :  The wide publicity that CVC's latest report (for the month of November, 2012) has received in the media has sent shock waves in banking circles as maximum officials who have been penalized are from nationalized banks.    Among the bankers, the maximum officials who have been penalised are from a small bank like Syndicate Bank, whereas the next in line is largest nationalised bank i.e. Punjab National Bank.  Earlier the general perception among the people about most corrupt bank was another north based bank.  The report indicates the shifting trends of corruption in the nationalised banks.  Now the top bankers  are already in damage control mode to save their reputation from being dubbed as among  the top most corrupt banks.  

Comments by :  A number of surveys are conducted by reputed organisations like ET, Business Standard, Outlook etc.  to tell which are the Best Banks on various parameters.  General perception in public is that they conduct such surveys purely to get more and more ads from such banks or make happy that CMD.   Lakhs of rupees are wasted  on the award ceremonies conducted like FilmFare Awards.   Any one who is associated with these banks can easily dig out that such surveys are mostly  biased, but CMDs and EDs of such banks take pride in going through photo sessions showing the Awards they have got.    Then these are proudly shown on their banners and websites.   Can any media magnet has the guts to conduct an independent survey to find out the top 5 most corrupt banks in India and publish the same.  A few years back, IAS officers conducted a survey about the most corrupt officer.   Can IBA take lead and conduct survey for the most corrupt bank  or  can CMDs conduct a survey among themselves and publish the most corrupt CMD in banking sector every year.   We are sure, we are still far far away from such independent surveys or introspections.  Future of Anna Movement is really in danger.


27th January, 2012 :  The long wait for the final list of the EDs to be promoted as CMDs in Public Sector banks in the current year, appears to become still longer as the said file is reported to be pending.  We know it must be really tough time for the aspirants to the posts of CMDs.  

25th January, 2012 :  Banking circle are buzz with the hot talks about  Secretary Financial Services Shri D K Mittal and is tipped  to replace  Shri Rahul Khullar as Secretary Commerce.     This news is buzzing since Shri Mittal met Commerce Minister Anand Sharma. 

20th January, 2012 :  In banking circle, it is being hotly discussed as to why  CMDs of few banks have met Finance Minister separately.   Confirmation as to which of the CMDs met FM and what was the agenda of such CMDs  in meeting  secretly is awaited ?  Any guesses ???

20th January, 2012 : The list of new CMDs  to be appointed in the FY 2012-13 is still under consideration and it is reported that the same is now being directly dealt between Finance Minister, Mr Pranab da  and Mr DK Mittal Secretary Financial Service.   Will there be last minute changes ?  Bankers have to wait till cat is out of the bag.

19th January, 2012  We have been reporting about the new appointments of CMDs since interviews for the same were held.    On 16th January, 2012, we wrote that banking industry will soon see more and more women flexing their financial muscle power and given the names of 3 women likely to be approved for CMD posts.  (see report below).

Today a report in TOI under the heading "Women Set to Head 3 Public Sector Banks" has appeared proving that we were on the right track in this regard.   The reports now indicate that the following postings are likely to be given to these aspirants :-


     Name of the Candidate       Present Posting as ED in         Likely Posting as CMD in


(a) Ms. Archana Bhargawa -             Canara Bank                    United Bank of India

(b) Mr H S Mundra -                  Union Bank of India,                  Bank of Baroda

(c) Mr R K Dube -                      Central Bank of India                  Canara Bank

(d) Ms. Shubhalakshmi Panse             Vijaya Bank                     Allahabad Bank

(e) Ms.V R Iyer -                        Central Bank of India                 Bank of India

(f) Mr Ashwani Kumar                  Corporation Bank                        Dena Bank


Best of Luck to each one of them for their likely new assignments.


19th January, 2012 :  These days the top brass retiring from RBI and SEBI are allowed to take over new assignments immediately after retiring.    All this may soon change.  The appointment of DG of RBI to NSE soon after her retirement has raised this new controversy.  Till date  autonomous bodies like RBI and SEBI do not have a "cooling-off" period in their respective service rules.   Now Finance Ministry is contemplating of introducing the cooling period for the top brass of such institutions also.   Let us wait for the new rules and the date from which these will be made applicable 

18th January,  2012:  It is reported that Mr Narendra Singh has been appointed as CMD of Bank of Maharashtra wef 1st February, 2012.   Mr Singh at present is working as ED in Corporation Bank.  Shri. Narendra Singh, born on 11.09.1953, is a Master of Laws, with brilliant track of academics.  He started his career with Allahabad Bank in 1980 and become GM in 2005.

18th January,  2012: The file (see hot talks dated 16/01/2012 below) for issuance of final list of six CMDs for 2012-13 is reported to have not yet got the nod of Finance Minister.   Let us wait and see how long it will take and will there be some changes ?


16th January, 2012 :   


The interviews to fill up six posts of CMDs in various Public Sector banks were held on 12th January, 2012.   The public sector banks where  CMDs are to retire during the next financial year are Bank of Baroda, Bank of India, Canara Bank, Allahabad Bank, United Bank of India and Dena Bank.

It is reported that the following  Executive Directors posted in various banks appeared for the said interview :-


Ms. Archana Bhargawa - Canara Bank,

Mr R K Dube - Central Bank of India 

Ms.V R Iyer - Central Bank of India 

Mr Ashwani Kumar - Corporation Bank,

Mr Rajeev Rishi - Indian Bank,

Mr V Kannan - Oriental Bank of Commerce,

Mr Rakesh Sethi - Punjab National Bank,

Mr H S Mundra - Union Bank of India,

Ms. Shubhalakshmi Panse Vijaya Bank

Mr N.K.Maini of SIDBI




In the above list there are 3 women candidates.   Now question arises whether banking industry will soon see more and more women flexing their financial muscle power ??  The initial reports strongly indicate towards that.  Let us keep our fingers crossed and wait to see whether all the three women will make it to the top slots.

Among the above, the following are being considered the major  contenders and can find place in the final list to be declared soon :

(a) Ms. Archana Bhargawa - Canara Bank,

(b) Mr H S Mundra - Union Bank of India,

(c) Mr R K Dube - Central Bank of India 

(d) Ms. Shubhalakshmi Panse Vijaya Bank

(e) Ms.V R Iyer - Central Bank of India 

(f) ??? wishes all the candidates good luck. 


2011 - Hot Talks in Banking Circles


22nd November, 2011:  There are reports that LIC may be asked to bail out Kingfisher Airlines from the present mess. 
22nd  November, 2011 :   There are reports that the interviews for the post of SBI's MD are likely to take palce on 5th December, 2011.   The four DMDs who are the contenders for this top post are : Ms. Arundhati Bhattacharya;  Mr Santosh Nayyar, Mr Vishwwanathan, and Mr. Shyamal Acharya
7th November, 2011 :  The new guidelines for the number of senior executives that can each bank can have sent shock waves among the bankers in Scale V and above.   After the move of GOI to intervene in the promotion processes by suggesting common promotion policy for Scale V and above, this move has dampening impact.
28th October, 2011 :  There is a news that there are likely to be interviews for selection of two CMDs in insurance sector on 29th October.   Asha Nair,  M A Kharat, N K Singh & Neeraj Kumar are among the front runners for these posts.
5th October, 2011 : There are reports that CBI has filed charge-sheets against four senior officials of public sector banks and a private bank
30th September, 2011 : The recent news about promotions of Scale V and above to be on inter-bank basis has created a new controversy and top management of banks is tight lipped on the issue
30th September, 2011  Deven Sharma has resigned as Chairman of the CRISIL
30th September, 2011 : Mr Ajai Kumar, at present Executive Director (ED) at UCO Bank, will be elevated and will  join as Chairman & Managing Director (CMD) of the Corporation Bank on October 1, 2011.
30th September, 2011 : Mr S Chandrasekharan at present working as General Manager (GM) in Indian Overseas Bank (IOB) will be elevated and is to join the UCO Bank as Executive Director (ED) on October 1, 2011
3rd September, 2011 :  Shri Suresh Kumar Jain, General Manager, Bank of India has now been appointed  as Executive Director of Union Bank of India from September 1, 2011 (till May 31, 2014)
1st September, 2011:  There is a lot of anxiety among the bankers, specially among the top bankers, as to the impact that will be felt by existing banks, specially PSU banks, after the entry of the new banks as per RBI announcement.  Things are likely to unfold soon.
The recent reports that CVC has advised bank chiefs to ensure that officers do not sign on loan proposals without application of mind has been a hot discussion among bank officers, and bank heads are finding it difficult to explain as to whether till now proposals were approved without application of mind.


Hot Talks are merely those talks which are being talked about by bankers and / or appear in media based on inside reporting. cannot guarantee these to be true and/or necessarily correct as final decision on many issues is yet to be taken.   Visitors to website are, therefore, advised to wait for the final decisions and recheck from their own sources the veracity of these reports. is thus in no way responsible for authencity of these talks.


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