New MD and CEOs for Bank of Baroda, Bank of India and Canara Bank

The government has appointed Sanjiv Chadha as the new managing director and chief executive of Bank of Baroda. Chadha succeeds P S Jayakumar, whose stint ended in October 2019.
Chadha will have three year stint from day he assumes office, according to Government of India notification.

Chadha is working as the MD & CEO of SBI Capital Markets Ltd, the merchant and investment banking arm of State Bank of India. In November 2019, The Banks Board Bureau (BBB) had recommended his name for post of MD&CEO at BOB.
Bank of India Executive Director Atanu Kumar Das has been elevated to the post of MD & CEO at the same bank. He will head the bank for three years from date of assuming office. The post has been vacant after Denabandhu Mahapatra demitted office demitted office on June 30, 2019.
L V Prabhakar is a new MD&CEO at Bengaluru-based Canara Bank. He will take charge on February 01, 2020. Prabhakar has been working as executive director at Punjab National Bank since March 1, 2018. He will succeed R A Sankara Narayanan, who will hang his boots at the end of this month.
Also, government has appointed C S Setty as managing director of State Bank of India for three year term. His term is extendable for another two years. Setty is deputy managing director with SBI.

Bank of Baroda and HDFC Bank cut MCLR by 5 bps and 15 bps respectively

Bank of Baroda, the country's second largest public sector bank, has reduced its benchmark lending rates, or the marginal cost of funds-based lending rates (MCLR) across various tenures.
Its one-year MCLR will be 8.25 per cent, 5 bps below the existing level. The latest interest rate cut will be effective December 12.

There is a 20 bps reduction in overnight and one-month MCLR from 7.85 per cent to 7.65 per cent and a 10 bps reduction in three-month and six-month MCLR, from 7.9 per cent to 7.8 per cent, and from 8.2 per cent to 8.1 per cent, respectively.
HDFC Bank has also reduced its loan rates across tenures by up to 15 basis points (bps). According to the bank’s website, the latest interest rate cut will be introduced on December 7. After the latest cut, six-month MCLR stands at 8 per cent (down by 10 bps), and one-year at 8.15 per cent (down 15 bps). The two-year rate will be 8.25 per cent and the three-year rate will be 8.35 per cent (both down 15 bps). The country's largest private sector bank cut its MCLR last month by 10 bps across tenures.
The country’s largest public sector lender, State Bank of India (SBI), announced a 10 bps cut in its one-year MCLR, whereas Bank of India reduced its MCLR by 20 bps.
During the monetary policy press conference on December 5, Reserve Bank of India governor Shaktikanta Das said, “Although it (RBI) is not in a hurry to keep reducing interest rates, it would work to ensure that the transmission turns more effective since much needs to be passed on.”
He added that the RBI cut repo rate by 135 bps between February and October this year. Of this, 44 bps has been transmitted and the full impact on lending rates is still playing out.