The Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, has invited applications for the post of managing director and chief executive director of Union Bank of India for a three-year term.

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The post of MD and CEO would fall vacant at Mumbai-based Union Bank of India upon retirement of Rajkiran Rai G in May 2022.

The three-year term begins from the date of taking charge and will be subject to the normal age of superannuation of 60 years, BBB said in an advertisement inviting the application. As per the Banking Regulation Act, the upper age limit for the managing director of nationalised banks is 60 years.

Rai was appointed the Managing Director of Union Bank of India on July 1, 2017, for a period of three-years till June 30, 2020. He was given a two-year extension last year.

As eligibility criteria, BBB said Indian nationals, age 45 to 57 years, with an exemplary track record should apply with minimum 15 years experience in mainstream banking of which at least one year should be at the board level.

The last date for submitting the complete online application is January 28, 2022, it added.

Set up in 2016, the Banks Board Bureau is the advisory body formed by the government for selection of candidates for top-level board appointments.