Big public banks to now have tough corporate bosses from Infosys and Tech Mahindra

In a bid to transform state-run banks, the Indian Government is determined to hire outside talent and bureaucrats in public sector banks. The Government is going to appoint Ravi Venkatesan, an independent director on the Infosys board, and former revenue secretary Sumit Bose as chairmen of two public-sector banks.

Also, TN Manoharan, who is on the board of Tech Mahindra, and former petroleum secretary GC Chaturvedi are going to head two other banks.

However, names of the banks they will be soon heading could not be confirmed.

"Approvals have been sought for the candidature of Ravi Venkatesan and Sumit Bose," a senior official with the department of personnel & training told Economic Times. The official also confirmed the news about appointment of Manoharan and Chaturvedi to head other banks.

The Government wants to hire chairmen of eight banks as it wants to reform the state-run banking system.

"It should take at least a week for the announcement of chairmen of eight PSBs," another official, aware of the developments, told ET, adding, “the move shows the resolve of the government to give more autonomy to state-run banks and transform the way banking is done at these institutions.”

The official said the shortlisted candidates were industry leaders, veteran bankers and reputed bureaucrats, which will further empower individual bank boards.

Venkatesan was the chairman of Microsoft India between 2004 and 2011. He is also a fellow of the Center for Higher Ambition Leadership, Boston.

The financial daily reported that the Government had appointed Manoharan on Satyam’s board after it took control of the scam-hit company. The company was later on acquired by Tech Mahindra and Manoharan is now a director on the board of Tech Mahindra. He served as the president of Institute of Chartered Accountants of India during 2006-07.

Bose and Chaturvedi are seasoned bureaucrats, as the former was revenue and disinvestment secretary while the latter held the charge of additional secretary, financial services, before he went on to become petroleum secretary.

(Image: Indiatimes)