The Government of India has appointed Debadatta Chand as the managing director and chief executive officer of Bank of Baroda.
He is currently the executive director of the state-run lender.
According to the notification dated April 29, Chand will be appointed as the Bank of Baroda CEO for a period of three years from the date of assuming office or July 1, 2023, whichever is earlier.
He replaces Sanjiv Chadha, whose tenure was extended till June 30, after his original three-year stint ended on Jan. 19, 2023.
In another development earlier this week, Bank of Baroda approved raising funds of up to $7 billion through various means.
The bank announced raising of foreign currency fund through issuance of bonds up to $1 billion through medium term notes.
It will also issue certificate of deposits worth up to $3 billion under the certificate of deposit programme in single or multiple tranches.
The board of directors has also approved raising funds through bilateral or other borrowings of up to $3 billion.
On Friday, shares of the public sector bank rose 1.13% to Rs 187.80 apiece on the BSE, even as the benchmark Sensex ended the day 0.76% higher at 61,112.44 points.
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