Sundar was chosen after a competitive procedure and interviewed in April by a panel of top bankers from both the public and private sectors, according to NARCL.
The government-backed bad bank, National Assets Reconstruction Company Ltd (NARCL), announced on Tuesday that former State Bank of India (SBI) employee Natarajan Sundar has been appointed as its managing director and chief executive.
After 37 years at SBI, Sundar departed as deputy managing director and chief credit officer on April 30. He has worked in SBI’s mid, big corporate group as well as project finance, and has familiarity with corporate banking regulations and products.
The government-backed bad bank, National Assets Reconstruction Company Ltd (NARCL), announced on Tuesday that former State Bank of India (SBI) employee Natarajan Sundar has been appointed as its managing director and chief executive.
After 37 years at SBI, Sundar departed as deputy managing director and chief credit officer on April 30. He has worked in SBI’s mid, big corporate group as well as project finance, and has familiarity with corporate banking regulations and products.
Sundar was chosen after a competitive procedure and interviewed in April by a panel of top bankers from both the public and private sectors, according to NARCL.
“On 24 May, RBI approved his fit and appropriate permission after his name was nominated for the position by the NARCL board.
“The current chief executive, Padmakumar Nair, who was on secondment from SBI, has since returned to the parent bank,” the statement stated. Former Indian Overseas Bank CEO Karnam Sekar has been named as an independent director and non-executive chairman of the board, as has Malvika Sinha, a retired executive director of the Reserve Bank of India (RBI).
Natarajan Sundar, a former official of the State Bank of India (SBI), has been appointed MD and CEO of the National Asset Reconstruction Company (NARCL) with effect from May 30. Karnam Sekar, a former SBI official who also served as the chairman of Indian Overseas Bank (IOB) till June 30, 2020, has been named non-executive chairman of the bad bank.
Sundar, who had worked at the bank for almost 37 years, retired on April 30 as deputy managing director and chief credit officer. On May 24, 2022, the sectoral regulator, RBI, awarded him fit and proper permission after his name was proposed for the position by the NARCL board.
Mr. Padmakumar Nair, who was on a secondment from SBI, has now been repatriated to the parent bank, according to a statement released by SBI on Tuesday. . Malvika Sinha, a former executive director of the Reserve Bank of India (RBI), was appointed as an independent director to the NARCL board last week.
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