New PNB MD: Banks Board Bureau (BBB) recommends AK Goel for Managing Director of Punjab National Bank

Banks Board Bureau (BBB) on Wednesday recommended Atul Kumar Goel for the post of Managing Director of Punjab National Bank.

Goel currently heads Kolkata-based UCO Bank, which was removed by the Reserve Bank of India from Prompt Corrective Action (PCA) earlier in the day.

He will succeed SS Mallikarjuna Rao, who was recently given an extension till January 2022.

BBB, the headhunter for state-owned banks and financial institutions, interviewed 11 candidates for the post of MD and CEO of PNB - the country's second-largest public sector lender.

"Keeping in view their performance at the interface, their overall experience and the extant parameters, the Bureau recommends Atul Kumar Goel for the position of MD and CEO of PNB," BBB said in a statement.

The incoming managing director and chief executive will hold office for a term of three years from the date of entering office.

The name of the selected candidate would go to the Appointments Committee of Cabinet (ACC) headed by the Prime Minister for final approval.

BBB is headed by former secretary of the Department of Personnel and Training BP Sharma.

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The secretary of the Department of Financial Services, secretary of Department of Public Enterprises and the RBI deputy governor in charge of banking are part of BBB.

Other part-time members are Vedika Bhandarkar, former managing director of Credit Suisse; P Pradeep Kumar, former managing director of SBI; and Pradip P Shah, founder managing director of rating agency Crisil.

The government in 2016 had approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for the appointment of whole-time directors as well as non-executive chairpersons of PSBs and state-owned financial institutions.