Resereve Bank of India (RBI) has approved the appointment of Pankaj Kumar Panja as part-time Chairman of Karnataka Bank, the lender stated in a regulatory filing on Friday. The appointment will come into effect from November 14, 2021 and will be for a period of three years.
“We are pleased to inform you that Bank has received approval from the Reserve Bank of India (RBI) in terms of Section 10B(1A)(i) of the Banking Regulation Act, 1949 for appointment of Pradeep Kumar Panja, Independent Director of the Bank, as Part Time Chairman of the Bank, w.e.f. November 14, 2021 for a period of three years,” Karnataka Bank said in its filing.
“The RBI has also approved the payment of remuneration to him as detailed in the annexure to this letter which the Bank will place it before the shareholders at their Annual General Meeting to be held in FY 2022-23,” it further added.
Panja is a career banker and retired as Managing Director (Corporate Banking) of State Bank of India (SBI). He has also served as Managing Director of State Bank of Travancore for about a year. He has spent 39 years with SBI, three years of which was at Board level.
Panja has rich experience in various areas of banking including corporate and international banking, treasury management, information technology, retail, transaction banking, strategic planning, business development and risk management.
Currently he is a member of Banks Board Bureau (BBB) and also Director on the Boards of seven companies (including three listed companies including Karnataka Bank) engaged in the business of asset reconstruction, cement, real estate, NBFC, AFI, etc. He is on the Board of Karnataka Bank since August 19, 2020.
Panja’s expertise includes accountancy, banking, cooperation and SSI, finance, IT, risk management, payment and settlement, HR and business management.
As non-executive chairman of Karnataka Bank, Panja will withdraw a salary of ₹15 lakh per annum, subject to approval of the shareholders at their ensuing Annual General Meeting to be held in FY2022-23.
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