Page 5 - Banking Finance April 2022

BANK UPDATE

Banking

News

Corporate loans cross initially appointed as the MD&CEO of BoB is the third biggest public sector
the bank in October 2018. lender after State Bank of India and
Rs.29 lakh Crore in 21 Punjab National Bank.
The move comes amid the
months government's effort to privatise the Adhia retired as Revenue-cum-Finance
Bank loans to industries crossed the bank by selling a part of its stake. LIC, Secretary in November 2018.
Rs.29 lakh crore mark for the first time which is the promoter of the bank, is It was during his tenure as Financial
in 21 months and settled at Rs 29.85 also expected to sell some part of its Services Secretary that the decision to
lakh crore at the end of December, stake in the bank in the privatisation split the post of Chairman and Manag-
with an improvement in consumer and process. However, it has expressed its ing Director of public sector banks was
business confidence that laid the pitch intention of not fully exiting the bank, taken to foster greater transparency
for sustained economic revival. given the strategic partnership it has in decision making.
with the lender when it comes to the
Top bankers expect the momentum to
bancassurance business.
continue, with an increase in demand PNB to clear cheques of Rs.
and the government placing its thrust 10 lakh & above only after
on infrastructure spending and capac- Former finance secy
ity expansion. Hasmukh Adhia nomi- customer confirmation
Punjab National Bank (PNB) said high-
nated again as BoB non ex-
Rakesh Sharma reap- value cheques of Rs 10 lakh and above
ecutive chairman will be cleared after reconfirmation
pointed MD, CEO of IDBI
Former Finance Secretary Hasmukh with the issuer under the Positive Pay
Bank Adhia has been nominated again as the System (PPS) from April 4.
IDBI Bank informed the stock ex- chairman of Bank of Baroda (BoB), ac- PNB said to protect the bank custom-
changes that its board has approved cording to a government order. ers against large-value cheque frauds,
the reappointment of Rakesh Sharma The Appointments Committee of the it will make the Positive Pay System
as the managing director and chief Cabinet has approved the proposal of (PPS) mandatory from April 4, 2022.
executive officer (MD&CEO) of the the Department of Financial Services The Delhi-headquartered lender intro-
bank for a period of three years, effec- for re-nomination of Adhia as non-ex- duced PPS for cheques of Rs 50,000
tive March 19, 2022. ecutive chairman of the BoB, a govern- and above presented in CTS clearing
Sharma's reappointment as the ment order said. from January 1, 2021, in accordance
MD&CEO of the bank has received the His term has been extended by another with the RBI guidelines.
banking regulator, RBI nod, the ex- two years as chairman with effect from The banking regulator had said that
change notification said. Sharma was March 1, 2022, it said. while availing of the facility is at the

BANKING FINANCE | APRIL | 2022 | 5