Latest News | Govt Gives Two-year Extension to Union Bank of India MD

New Delhi, Jun 30 (PTI) The government on Tuesday approved a two-year extension to Union Bank of India managing director Rajkiran Rai G.

With the extension of the term, he will continue as the MD of the bank till the superannuation - that is May 31, 2022 or until further order, according to a finance ministry notification.

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As per the Banking Regulation Act, the upper age limit for the managing director of nationalised banks is 60 year.

Rai was appointed MD of Union Bank of India on July 1, 2017 for a period of three-years till June 30, 2020.

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Prior to his elevation as MD, he was executive director of Oriental Bank of Commerce.

The extension of tenure comes at the backdrop of merger of Andhra Bank and Corporation Bank with Union Bank of India effective April 1 this year.

With the merger, Union Bank India has become the country's fifth largest public sector lender.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)