PNB, IDBI Bank get govt nominee directors on their boards

Pankaj Sharma has been nominated as a director of the bank through a notification dated April 11, 2022 with immediate effect and until further orders, state-owned PNB said in a regulatory filing.

The government has nominated new directors on the boards of Punjab National Bank (PNB) and IDBI Bank, following the cessation of the terms of incumbent directors. Pankaj Sharma has been nominated as a director of the bank through a notification dated April 11, 2022 with immediate effect and until further orders, state-owned PNB said in a regulatory filing.

Sharma's nomination follows cessation of Pankaj Jain as director on the board of PNB, it said, adding that Sharma is presently the joint secretary in the Ministry of Finance, Department of Financial Services.

Meanwhile, private sector lender IDBI Bank said the government vide a communication on April 11, 2022 has nominated Manoj Sahay and Sushil Kumar Singh as directors on the board of the bank vice Meera Swamp and Anshuman Sharma respectively, with immediate effect and until further orders.

Sahay is joint secretary and financial advisor in the Department of Expenditure of the Finance Ministry, while Singh is director in the Department of Financial Services of the ministry, IDBI Bank said in a regulatory filing.

"The appointment of Manoj Sahay and Sushil Kumar Singh on the board as government nominee director is being separately processed under Section 161(3) of the Companies Act, 2013," the bank added.

IDBI Bank is now categorised as a private sector lender, with the government holding 45.48 per cent stake in the bank, and Life Insurance Corporation of India (LIC) owning 49.24 per cent.

Shares of PNB were trading 1.60 per cent down at Rs 36.85 apiece on BSE, while the IDBI Bank scrip was down by 2.01 per cent at Rs 46.40.