Government extends the term of Union Bank of India’s CEO Rajkiran Rai by another two years

Government extends the term of Union Bank of India’s CEO Rajkiran Rai by another two years

• The government of India has extended the term of Union Bank of India’s Managing Director (MD) and Chief Executive Officer (CEO) Rajkiran Rai by two-years amid the bank’s ongoing merger exercise.
• Rai’s term was to end on June 30, 2020.
• His term has now been extended till May 31, 2022, or until further orders, whichever is earlier.
• Rai was appointed the MD and CEO of Union Bank of India in May 2017 for a period of three years.
• It must be recalled that Union Bank has been merged with Andhra Bank and Corporation Bank, which came into effect on April 1, 2020. The merger has made Union Bank the fifth largest public sector bank in the country with assets of over Rs 14.5 lakh crore.