The Appointments Committee of Cabinet (ACC) has approved the proposal to appoint Shanti Lal Jain as the new Managing Director and Chief Executive Officer of the Chennai-headquartered Indian Bank, stated in an information notice issued by the government on August 19.
Jain is currently the Executive Director of state-run Bank of Baroda. The Department of Financial Services had proposed his appointment as the MD and CEO of Indian Bank, which has now been approved by the ACC. Jain has been assigned his new post for a period of three years with effect “from the date of assumption of office on or after 01.09.2021, or until further orders, whichever is earlier”, the notice read.
Jain was recommended to head the Indian Bank by the Banks Board Bureau (BBB) on May 24. The recommendation, which was accepted by the Department of Financial Services, was made after holding interviews with nine candidates from various public sector banks (PSBs).