The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for extending the term of Chadha till June 30, 2023, when he attains 60 years, the retirement age, sources said.
Meanwhile, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Saturday recommended elevation of Executive Director (ED) Debadatta Chand as managing director of Bank of Baroda.
Besides, the Bureau recommended Union Bank of India ED Rajneesh Karnatak for the position of MD & CEO in Bank of India.
The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
The Bureau in November 2022 suggested the name of K Satyanarayana Raju for the position of MD and CEO of Canara Bank. Raju is currently Executive Director with the bank. Raju is likely to be replaced by H S Ahluwalia, a general manager in Indian Bank.
FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.
Other members of the headhunter are Animesh Chauhan, former chairman and managing director of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.