New Delhi/Manipal, May 15: The government today appointed Arun Shrivastava as Managing Director and Chief Executive Officer of Syndicate Bank, nearly nine months after the arrest of its CMD S K Jain in a graft case. Besides, the government has also entrusted additional charge of MD and CEO of state-owned Andhra Bank to its ED Satish Kumar Kalra for three months.
The appointment will be effective the date of issue of order or till the date of appointment of a regular MD and CEO or until further orders, whichever is earliest, Andhra Bank said in a filing. "Shrivastava, earlier Executive Director (ED) of Bank of India, today assumed charge of MD and CEO of Syndicate Bank and will continue up to the age of superannuation or until further orders, whichever is earlier," Syndicate Bank said, in a filing to BSE.
The post of MD of the bank had been vacant since the arrest of Jain in August last year. Jain was arrested by CBI for allegedly taking a bribe of Rs 50 lakh for increasing credit limit of some companies. He was held for allegedly negotiating with Bhushan Steel for ’illegal gratification’ in return for granting credit extension to that company as it had defaulted on payment of loan instalments amounting to crores of rupees to the bank. In December, the government had announced appointment for MD and CEO in four banks -- United Bank of India , Oriental Bank of Commerce , Indian Overseas Bank and Vijaya Bank