AIBOC CIRCULAR NO. 80 DATED 28TH OCTOBER 2009

AIBOC has issued its circular No. 80 on appointment of CMD, Punjab National Bank. You are aware that AIBOC opposed the move of appointment of civil servant as CMD of Punjab National Bank. Now the Government of India has appointed a professional banker as CMD of Punjab National Bank.

We are reproducing here the circular issued by AIBOC.
CIRCULAR NO:80                28^th October, 2009
TO ALL AFFILIATES/MEMBERS:
OUR STAND VINDICATED - PROFESSIONAL BANKER APPOINTED AS CMD OF PUNJAB NATIONAL BANK
Please refer to our Circular No.70 dated 10.09.2009.
2.       There was a move at the Govt. level to appoint a Civil Servant as the Chairman and Managing Director of Punjab National Bank, despite plenty of professional talents available within the Banking Industry.  We took up the matter with the Hon’ble Prime Minister, Govt. of India against the nomination of outsiders as CMDs of Public Sector Banks. We are happy that proposal is shelved and our stand is vindicated by the Hon’ble Prime Minister by appointing a Professional Banker, Shri. K.R.Kamath, former Chairman and Managing Director of Allahabad Bank, as Chairman and Managing Director of Punjab National Bank.  While we thank the Govt. for supporting our stand, we congratulate, Shri. Kamath for his appointment to the coveted post.
With Warm Greetings,
Sd/-
(G.D. NADAF)
GENERAL SECRETARY