PNB, IDBI Bank Get Govt-appointed Directors On Their Boards

The government has nominated new directors on the boards of Punjab National Bank (PNB) and IDBI Bank, following the cessation of the terms of incumbent directors.

Pankaj Sharma has been nominated as a director of the bank through a notification dated April 11, 2022 with immediate effect and until further orders, state-owned PNB said in a regulatory filing.

Sharma's nomination follows cessation of Pankaj Jain as director on the board of PNB, it said, adding that Sharma is presently the joint secretary in the Ministry of Finance, Department of Financial Services.

Meanwhile, private sector lender IDBI Bank said the government vide a communication on April 11, 2022 has nominated Manoj Sahay and Sushil Kumar Singh as directors on the board of the bank vice Meera Swamp and Anshuman Sharma respectively, with immediate effect and until further orders.

Sahay is joint secretary and financial advisor in the Department of Expenditure of the Finance Ministry, while Singh is director in the Department of Financial Services of the ministry, IDBI Bank said in a regulatory filing.

"The appointment of Manoj Sahay and Sushil Kumar Singh on the board as government nominee director is being separately processed under Section 161(3) of the Companies Act, 2013," the bank added.

IDBI Bank is now categorised as a private sector lender, with the government holding 45.48 per cent stake in the bank, and Life Insurance Corporation of India (LIC) owning 49.24 per cent.

Shares of PNB were trading 1.60 per cent down at Rs 36.85 apiece on BSE, while the IDBI Bank scrip was down by 2.01 per cent at Rs 46.40.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor