Three Executive Directors promoted as bank heads

Executive Directors of three leading public-sector banks were elevated as heads of state-owned banks on Saturday.

• Union Bank of India's Executive Director, R S Reddy has been named as CMD of Andhra Bank.
• Central Bank of India's Executive Director, Albert Tauro has been appointed as the CMD of Vijaya Bank.
• Bank of India's Executive Director, K R Kamath has been appointed as the Chairman & Managing Director of Allahabad Bank.

Beginning of the Banks in news:

Union Bank of India was inaugurated by Mahatama Gandhi and the Bank commenced its operations in 1920.
Allahabad Bank is the oldest public sector bank in India. It was set up in 1865 by a group of Europeans with a seed capital of Rs 2 lakhs. In 2007, Bank's business crossed Rs.1,00,000 crores mark.
Bank of India was founded on September 7, 1906 by a group of eminent businessmen from Mumbai. In July 1969 Bank of India was nationalized along with 13 other banks.
Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala. It was the first Indian commercial bank, which was wholly owned and managed by Indians. Sir Pherozeshah Mehta was the first Chairman of the Bank. In 1969, Central Bank of India was nationalized along with 13 other banks.
Vijaya Bank, was established on 23rd October 1931 by late Shri A.B.Shetty and other enterprising farmers in Mangalore, Karnataka. The objective behind establishment of the Bank was essentially to promote banking habit, thrift and enterpreneurship among the farming community of Dakshina Kannada district in Karnataka State. The bank became a scheduled bank in 1958.
Andhra Bank was founded by Dr.Bhogaraju Pattabhi Sitaramayya. The bank commenced business on 28th November 1923 with a paid up capital of Rs 1 lakh and an authorised capital of Rs 10 lakh.

Reference: The Hindu, www.hinduonnet.com, Sunday, August 3, 2008