P S Jayakumar is the new MD and CEO of Bank of Baroda

P S Jayakumar is set to take over the position of MD and CEO of state-owned Bank of Baroda for three years. Jayakumar, 53 has taken over when the bank is under the scanner for an alleged black money transactions worth over Rs. 6,000 Crores.

"Bank of Baroda has said P S Jayakumar has assumed the charge of the office of Managing Director and CEO, Bank of Baroda, on October 13, 2015," the company said in a BSE filing.

It has been alleged that a hefty Rs. 6172 Crores was transferred from Bank of Baroda to Hong Kong and posed as payments for non-existent imports like cashew, pulses and rice. The bank's Executive director B B Joshi clarified yesterday that the amount was ‘exaggerated’. According to him the actual amount was only half of the said amount.

Image credit: Indiatimes