Former finance secretary Hasmukh Adhia has been appointed part-time non-executive chairman of Bank of Baroda. The government, in a notification, said his appointment will be for a period of 3 years. He is coming to Bank of Baroda at a crucial time when the Bank of preparing for a 3-way merger with Dena Bank and Vijaya Bank. As finance secretary, he had a key role in the implementation of Goods and Services Tax. He has also served as secretary of the Department of Revenue and was earlier the principal secretary to the Gujarat chief minister.
Meanwhile, the government is considering appointing P.S. Jayakumar, currently MD and CEO of Bank of Baroda as the head of the merged entity. Jayakumar was given a one-year extension till October 2019. Till that period, he is likely to head the merged entity. The merger will come into force on 1 April. The merger process, which is in final stages, will see all employees of Vijay Bank and Dena Bank transferred to Bank of Baroda and there is no retrenchment.
