The Indian government has selected Rajneesh Karnatak as the Managing Director (MD) of the Bank of India (BOI). Karnatak currently serves as the Executive Director of the Union Bank of India. As per the announcement, he will take up the role of MD & CEO of Bank of India for a period of three years, starting from the date he assumes office or until further instructions.
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Experience and Career of Rajneesh Karnatak:
- With over 29 years of experience, Rajneesh Karnatak previously served as the Chief General Manager of Punjab National Bank before being appointed as the Executive Director of Union Bank of India on October 21, 2021. He holds a Master of Commerce degree and is a certified associate from the Indian Institute of Bankers (CAIIB).
- Throughout his career in banking, Karnatak has held key positions such as General Manager in Oriental Bank of Commerce, where he headed critical divisions like large corporate credit branches and strategic verticals such as credit monitoring, digital banking, and mid corporate credit.
- After the amalgamation of Oriental Bank of Commerce into Punjab National Bank, Rajneesh Karnatak held positions as the head of both the credit monitoring division and corporate credit division in PNB. He has extensive experience in project funding and working capital funding, as well as risk management, with a particular focus on credit risk.
- Karnatak served as the non-executive chairman of UBI Services on behalf of Union Bank of India and was a non-independent non-executive director on the Board of UBI (UK). He was also a member of the governing board of the Indian Institute of Bank Management (IIBM) in Guwahati.
- Karnatak acted as the nominee director on behalf of Punjab National Bank on the board of PNB Housing Finance and India SME Asset Reconstruction Company. Additionally, he served as a board trustee on IIFCL Asset Management Co (IAMCL).
Important takeaways for all competitive exams:
- Bank of India Founder: Ramnarain Ruia;
- Bank of India Founded: 7 September 1906, Mumbai;
- Bank of India Headquarters: Mumbai.