Bank of Baroda's Managing Director and Chief Executive Officer P S Jayakumar was Thursday given one-year extension, an order issued by the Personnel Ministry said according to the PTI report. Jayakumar, a chartered accountant by qualification, had joined Bank of Baroda in October, 2015. The Appointments Committee of the Cabinet has approved extension in tenure of Jayakumar for a period of one year, i.e. till October 12, 2019, beyond his currently notified period of appointment of three years that expires on October 12, 2018, it said.
Prior to his appointment as the MD and the CEO of the bank, he was the co-founder and CEO of VBHC Value Budget Housing (VBHC), a leader in housing for low and moderate income household, as per his bio data. He is a career banker since 1986 and has spent over 23 years in Citibank in India and Singapore. Jayakumar has contributed to several innovations in retail banking in India.