Govt gives two-year extension to Union Bank of India MD
With the extension of the term, he will continue as the MD of the bank till the superannuation - that is May 31, 2022 or until further order, according to a finance ministry notification.
As per the Banking Regulation Act, the upper age limit for the managing director of nationalised banks is 60 year.Rai was appointed MD of Union Bank of India on July 1, 2017 for a period of three-years till June 30, 2020. Advertisement
Prior to his elevation as MD, he was executive director of Oriental Bank of Commerce.
The extension of tenure comes at the backdrop of merger of Andhra Bank and Corporation Bank with Union Bank of India effective April 1 this year.With the merger, Union Bank India has become the country's fifth largest public sector lender. DP BAL BAL
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