The government on April 29 announced the appointment of Debadatta Chand as Bank of Baroda’s (BOB) Managing Director (MD), said BOB. Currently, Debadatta Chand is serving as the bank’s Executive Director.
Bank stated in a regulatory filing that his appointment to the top post is for a period of three years with effect from the date of assumption of office on or after July 1, 2023, or until further orders, whichever is earlier.
Chand succeeds Sanjiv Chadha, whose term was roughly extended for five months till June 30 by the government. The original term of Chadha ended on January 19 of this year.
"Central Government has appointed Shri Debadatta Chand (DoB: 31.01.1971), Executive Director, Bank of Baroda, as Managing Director and Chief Executive Officer, Bank of Baroda for a period of three years with effect from the date of assumption of office on or after 01.07.2023, or until further orders, whichever is earlier, vice Shri Sanjiv Chadha," said the bank's statement.
Sharing its business update on April 10 for the fourth quarter of the financial year 2022-23, BOB said that its total business has crossed the Rs 21 trillion milestone in the March quarter of FY23.
The notifications for the appointment came after the approval of the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi.
The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in January this year recommended the name of Debadatta Chand for the position of MD & CEO in Bank of Baroda, according to the news agency PTI reports.