Public sector lender Canara Bank has announced that its Executive Director MatamVenkataRao has been named as the new MD & CEO of Central Bank of India.

In a regulatory filing, Canara Bank states thatthe gazette notification protocol released by the central government, on February 26, 2021 states that MatamVenkataRao, Executive Director, Canara Bank, has been appointed as the Managing Director and Chief Executive Officer in Central Bank of India for a period of three years.

Matam’s appointment would be effective from March 1,2021, or until further orders , states the creditors. Canara Banks further states, "He ceases to be the Executive Director of Canara Bank with effect from March 1, 2021.”

In May 2020, the Banks Board Bureau has proposed Matan to take the role of new MD & CEO of Central Bank of India. As Matam’s employment was in lieu of MD PallavMohapatra, who retired as the MD & CEO of Central Bank of India on February 28, 2021.

Canara Bank stocks were trading at Rs.155.60 apiece on BSE, down 0.89 percent. The Central Bank of India scrip was trading at Rs.18.70, down 2.81 percent on BSE.