The government on Saturday appointed Rajneesh Karnatak as managing director of Bank of India (BoI) and Debadatta Chand as head of Bank of Baroda (BoB).

The central government appoints Karnatak, executive director, Union Bank of India, as managing director and CEO of Bank of India for three year with effect from date of assumption of office, the Department of Financial Services said in a notification.

Karnatak replaces Atanu Kumar Das who completed his three-year term at Bank of India in January this year.

In a separate notification, the financial services department said Chand, currently ED of BoB, has been appointed as managing director of the same bank for a period of three years.

However, Chand would assume charge on July 1 after incumbent Sanjiv Chadha superannuates on June 30.

The notifications for the two appointments came after the approval of the appointments committee of the cabinet, headed by Prime Minister Narendra Modi.

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in January had selected their names as the bank MDs and recommended it to DFS for seeking necessary approval.