LV Prabhakar appointed as MD of Canara Bank

By: |
January 24, 2020 10:25 PM

The central government appoints L V Prabhakar as MD and CEO with effect from February 1, 2020, and up to the date of his attaining the age of superannuation December 31, 2022 or until further orders.

Prabhakar, currently executive director at Punjab National Bank.

The government on Friday announced the appointment of L V Prabhakar as managing director and CEO of Canara Bank. He will replace R A Sankara Narayanan who demits office on January 31. The central government appoints L V Prabhakar as MD and CEO with effect from February 1, 2020, and up to the date of his attaining the age of superannuation December 31, 2022 or until further orders, an official order said.

Prabhakar, currently executive director at Punjab National Bank. Prior to joining PNB in 2018, he served Allahabad Bank in various capacities. He took over the reins of Executive Director PNB at a tumultuous time when Nirav Modi fraud was unearthed.

For a long period of time he single-handedly managed the responsibilities of three executive directors. He has spearheaded recovery efforts of the bank. During his tenure, the gross domestic business increased by Rs 1 lakh crore to landmark figure of Rs 11.45 lakh crore with gross recovery of more than Rs 20,000 crore. His zest for perfection and workmanship was exemplified by the fact that for a long period of time he single-handedly managed the responsibilities of three Executive Directors & brought the Bank back on upward trajectory. He has also been serving on Board of PNB Housing Finance Ltd. & PNB MetLife India Insurance Company as a non-executive director.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Seen complete pass-through of rate cuts to fresh rupee loans of banks: RBI bulletin
2RBI will signal lift-off in interest rates through policy stance, prefers jump in bank credit to reduce liquidity surplus
3Banks look to resolve large assets even as NARCL gets set up