ACC Extends Tenure of A S Rajeev, MD & CEO of BoM & Matam Venkata Rao, MD & CEO of CBI

Current Context: The Appointments Committee of the Cabinet (ACC) has approved the extension of tenure of two managing directors of public sector banks - A S Rajeev of Bank of Maharashtra (BoM) and Matam Venkata Rao of Central Bank of India (CBI).

• According to sources, the ACC has extended the term of office of A S Rajeev, MD and CEO of BoM, for six months till his superannuation.
• Rajeev was appointed MD and CEO of BoM in 2018.
• The ACC has also extended the term of MV Rao, MD and CEO of CBI, till July 31, 2025.
• Rao took charge as MD and CEO of CBI in 2021.
• This decision by the ACC is expected to provide stability and continuity to the two public sector lenders.

Question:

Q.1 . Which committee approved the extension of tenure of two MDs of public sector banks?
a. Appointments Committee of the Cabinet (ACC)
b. Banking Regulation and Supervision Committee (BRSC)
c. Financial Stability and Development Council (FSDC)
d. Reserve Bank of India (RBI)