The government of India has granted Union Bank of India’s MD & CEO Rajkiran Rai a two-year extension amid the bank’s ongoing merger exercise. Rai’s term was to end on 30 June 2020 but it has now been extended till 31 May 2022, or until further orders, whichever is earlier. The extension comes even as the bank is undertaking integration of the functions of Andhra Bank and Corporation Bank with it following the formal merger om 1 April. While the merger has been effected, the back-end integration is still ongoing and is expected to be completed only by the year end. Rai was appointed the MD and CEO of the bank in May 2017 for a period of 3 years. He has over 3 decades of experience in the field of banking, and was an Executive Director at Oriental Bank of Commerce before taking over the helm of Union Bank of India.
