State-owned Punjab and Sind Bank's S Harisankar has stepped down from his position as MD and CEO of the bank, said two people aware of the development to CNBC TV18.
S Harisankar has sought voluntary retirement ahead of his term ending on May 31, 2021, the people quoted earlier told CNBC TV18.
Harisankar was appointed the MD & CEO of the bank in September, 2018 for a period of three years. Prior to taking up the CEO position at Punjab & Sind Bank, Harisankar last served as the Executive Director at Allahabad Bank.
The public lender recently reported a net loss of Rs 116.89 crore in the first quarter ended June 30 due to mounting bad loans. It had reported a net loss of Rs 30.28 crore during the same quarter a year ago.
Punjab & Sind Bank's comment on the story is still awaited.
First Published: IST