New Delhi: SS Mallikarjuna Rao has taken over charge as new Managing Director and Chief Executive Officer (MD&CEO) of the second-largest public sector bank, Punjab National Bank (PNB) as Appointments Committee of Cabinet (ACC) has approved his appointment on October 1. He is currently serving as the Managing Director & Chief Executive Officer of Allahabad Bank. Prior to joining Allahabad Bank, he was serving as Executive Director at Syndicate Bank.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for posting of SS Mallikarjuna Rao, Managing Director and Chief Executive Officer in Allahabad Bank as Managing Director and Chief Executive Officer in Punjab National Bank, with effect from the date of assumption of office, till September 18, 2021 or until further orders, whichever is earlier," the ACC order said.

Rao has more than 34 years of rich experience as a professional banker. His rich experience ranges from manual branch banking to core networked banking, rural orientation to Metro working, traditional vanilla banking products to technology-oriented and automated process-driven banking products. He also has vast exposure in credit recovery, treasury, information technology, management information system, alternate delivery channels and marketing.

Rao is a B.Sc. (PCM) graduate from Sri Venkateswara University, Tirupati, Andhra Pradesh. He also holds an LL B. from Shivaji University, Kolhapur, Maharashtra.