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Union Bank of India CMD Rajkiran Rai gets 2-year extension
July 12, 2020

The Ministry of Finance, on June 30, granted Union Bank of India’s managing director and CEO Rajkiran Rai an extension of two-year given in its ongoing merger process with Andhra Bank and Corporation Bank.

Rai, whose term would have ended, will now be serving till May 31, 2022.

By extending the term period, he will hold the position of bank’s MD &CEO till the date of his superannuation, i.e., May 31, 2022 or until further order from the Ministry of Finance.

Rai was appointed as the managing director of Union Bank on July1, 2017 for a period of 3 years until June 30, 2020.

On April 1, Union Bank was merged with Andhra Bank and Corporation Bank, but the integration is yet to take place completely. The extension of Rai’s tenure implies to facilitate the merger properly. The merged entity is now India’s fifth largest public sector bank.

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