CURRENT AFFAIRS

Detailed explanation-1: -Ajay Kumar Srivastava has been elevated as Managing Director and CEO of Indian Overseas Bank with effect from January 1, 2023 from his current posting as executive director.

Detailed explanation-2: -Shri Sanjay Vinayak Mudaliar He is a seasoned banker with career spanning over 30 years across industries and financial institutions.

Detailed explanation-3: -The Government of India recently announced the appointment of Shri K Satyanarayana Raju as the new Managing Director and CEO of Canara Bank. Shri L V Prabhakar has been replaced, and he left the office on 31st December 2022. Shri. K Satyanarayana Raju will begin the new role on 7th February 2023.

Detailed explanation-4: -M. Chidambaram Chettyar, a pioneer in many fields. IOB started business simultaneously - at Karaikudi, Chennai and Rangoon in Burma (presently Myanmar) followed by a branch in Penang, Malaysia.

Detailed explanation-5: -However, IOB, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India and UCO Bank, which are region-centric, will remain as independent entities.