- Bank of India has reduced its Marginal Cost of funds based Lending rate (MCLR) from 8.50% to 8.40% with effect from May 7, 2017
Mumbai, May 8, 2017: The Government of India has appointed Mr. Dinabandhu Mohapatra as Managing Director and Chief Executive Officer of Bank of India, with effect from May 5, 2017.
Bank of India has also reduced its Marginal Cost of funds based Lending rate (MCLR) by 10bps from 8.50% to 8.40% with effect from May 7, 2017.
Prior to this Mr. Mohapatra was the Executive Director of Canara Bank. He was looking after International Operations, Overseas Credit, Strategic Planning & Development (including Economic Intelligence & BPR), Retail Resources, Marketing, Selling & Cross-selling, Government Business and Fee Income Vertical, Corporate Credit, PAG & Syndication, CDR & Stressed Accounts, Financial Management & Subsidiaries. He was also Director on the Boards of Canara Bank’s Subsidiaries – CHOICe, Canbank Factors & Canbank Computer Services Limited
Mr. Mohapatra, a post-graduate in Economics and holding a degree in Law, joined Bank of India as a Direct Recruit Officer in the year 1984. During his career spanning over three decades, he has headed various Branches, Departments, Zones and National Banking Groups in Eastern, Western, Northern and Southern parts of the country. He carries with him vast knowledge and multi-dimensional banking experience including Treasury Operations, International Banking, Priority Sector Lending, Corporate Lending, Marketing, Recovery, Human Resources, spanning over thirty three years, including his stint as Chief Executive Officer of Hong Kong and Singapore Centres of Bank of India.