K. R. Kamath, CMD, Punjab National Bank, demitted office on 28 October. The government did not offer an extension to Kamath after he completed his 5-year term in the bank. Rules prescribe that the CMD and directors of public sector banks have a five year term or up to the age of 60, whichever is earlier. Kamath, who became CMD of the bank in October 2009, has another 13 months to reach the age of 60. He was earlier CMD of Allahabad Bank.
