S.S. Mallikarjuna Rao has been appointed as the new MD and CEO of Punjab National Bank. Rao, currently MD and CEO of Allahabad Bank, will spearhead the merger process that will see 3 banks – Punjab National Bank, Oriental Bank of Commerce and United Bank of India – combine to form the country’s second largest public sector bank. He will have a tenure at the bank till 18 September 2021 or until further orders, whichever is earlier. He has some 33 years of banking experience. Prior to his stint at Allahabad Bank, he was ED at Syndicate Bank. Punjab National Bank had just come out a Rs 13,000 crore fraud.
