The finance ministry has moved a file to extend the tenure of three public sector banks’ managing directors, including Punjab National Bank (PNB), according to sources.
Besides, the sources said the ministry has recommended the department of personnel and training (DoPT) for extension of 10 executive directors (EDs) of various public sector banks.
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The three-year term of S. S. Mallikarjuna Rao, MD and CEO of PNB, is coming to an end on September 18 but the finance ministry has recommended extension for four months till January 31, 2022, when Rao attains his superannuation age of 60 years.
Atul Kumar Goel’s term as MD and CEO of Uco Bank has been recommended for a two-year extension beyond November 1 this year.
Finance ministry moves file for extension of 3 MDs 10 EDs of PSU banks jagran.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jagran.com Daily Mail and Mail on Sunday newspapers.
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Not just big names, even retail investors and institutional investors piled on select stocks from the sector. In 2021 till now, 38 stocks from this space have delivered multibagger returns; 24 have more than doubled since April 1, reflecting solid investor interest. This is reminiscent of the rally in metal stocks that multiplied between October 2020 and May 2021.
This is at the time when the situation is yet to turn favourable for the business. JM Financial expects home textile players to report sequentially flat profit growth in Q1. However, things may change drastically from here on.
Analyst commentaries have turned bullish on the textile sector. In the financial year 2021, the home textile segment saw a 7-8 per cent drop in revenues. However, that is likely to grow 20-22 per cent this financial year, said Crisil.
Finance Ministry moves file for extension of three MDs, 10 executive directors of govt-owned banks newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
The finance ministry has recommended extending the tenure of three managing directors and chief executive officers (MDs and CEOs) and 11 executive directors (EDs) of public sector banks, for up to two years or until the age of retirement, whichever is earlier, as it looks to ensure stability and continuity at state-owned lenders amid the pandemic. The Department of Financial Services (DFS), according to people in the know, has written to the Department of Personnel and Training (DoPT) suggesting the move, before the Banks Board Bureau (BBB) identifies new candidates for the role of bank chiefs. The letter, written earlier this month, recommended a tenure extension for S S Mallikarjuna Rao, MD and CEO of Punjab National Bank, until January 31, 2022, when he is due for superannuation. Rao’s term as MD and CEO is set to end on September 18 this year.