GOVT MAY EXTEND BANK OF BARODA CEO’S TENURE

Last year, knee implants were brought under price control. Price cap does not apply to other devices

The new mechanism of calculating trade margins will apply to cardiac stents and knee implants. Their prices dropped 85% under a DPC Order MUMBAI: The centre is likely to extend the tenure of Bank of Baroda’s (BOB) managing director and chief executive officer PS Jayakumar, whose three-year term is set to expire in September, said two people familiar with the matter. Jayakumar, who was earlier not very keen on his extension, has expressed his willingness to continue, the people mentioned above added, requesting anonymity.

However it was not clear whether Jayakumar will be allowed to serve an additional two-year term. Last month, the government extended the terms of Canara Bank non-executive chairman TN Manoharan and Bank of India’s non-executive chairman G Padmanabhan by two years.

“Mr. Jayakumar has not discussed in a public forum regarding the extension of his term in Bank of Baroda. At this stage we are not in a position to comment on the accuracy of the news, as it is the policy of the bank to not respond to speculative news,” said a BOB spokesperson.

Jayakumar’s extension comes at a time when 10 public sector banks are functioning without a head. The Bank Boards Bureau has recommended 15 names for the posts of managing directors and chief executive directors (CEOS) of these PSBS. The final decision is, however, awaited on the appointments.