[caption id="attachment_11749" align="alignnone" width="298"] PSBs[/caption] Four executive directors of public sector banks (PSBs) have emerged as the top contenders for the posts of managing director and chief executive officers which fall vacant from July 1. Executive directors (EDs) M.K. Jain of Punjab and Sind Bank, N.K. Sahoo of Allahabad Bank, P.K. Bajaj of Indian Overseas Bank and R.P. Marathe of Bank of India, have emerged as the serious candidates for the likely vacancies. The chief executives of both Indian Overseas Bank, R. Koteeswaran, and United Bank of India, P. Srinivas retired on June 30, while Bank of Maharashtra's Chairman and Managing Director S Muhnot will retire on September 30. Sahoo was a General Manager in Canara Bank prior to his appointment as ED of Allahabad Bank. Marathe was a General Manager in Bank of Baroda and was appointed as ED of Bank of India. Bajaj was a General Manager in Bank of India and appointed as ED of Indian Overseas Bank. All these appointments were made in March 2015. Jain, who was a General Manager at Mumbai-based Dena Bank, took charge of P&S Bank as ED a few years ago. This is the first time the Banks Board Bureau is in charge of the short-listing and selection process ever since it became functional from the beginning of the current financial year. The bureau, which is headed by former Comptroller and Auditor General of India Vinod Rai, interviewed 10 candidates for three CEO posts in public sector banks. In addition, 47 general managers were also interviewed for the 18 executive director vacancies in public sector banks. The Bank Board Bureau was formed by the government, as a part of the recommendations of the P.J. Nayak Committee, with a view to reforming governance in public sector banks.