WHAT’S UP

Heads of smaller PSBs may get to lead bigger lenders 

    The change of guard at the finance ministry has triggered fresh speculation about the appointment of chairmen of state-run banks. Chiefs of three PSU banks — Alok K Misra (Bank of India), S Raman (Canara Bank) and M D Mallya (Bank of Baroda) — will retire this year. Historically, the government nominates chairmen from smaller PSU banks as the chiefs of large state-run lenders. Under Pranab Mukherjee's regime, it was proposed that executive directors of large banks be appointed as chairmen and the names of S S Mundhra, ED at Union Bank; and V R Iyer and R K Dubey, both EDs at Central Bank of India, were shortlisted. But with P Chidambaram back in North Block, there is a feeling that the old practice of lateral recruitment will continue. If so, Arun Kaul (UCO Bank), T M Bhasin (Indian Bank) and M Narendra (Indian Overseas Bank) will benefit because of their seniority. 
Godrej Interio plans a large format store 
    Ever since the Swedish furniture giant IKEA proposed an investment of over Rs 10,500 crore in India, leading Indian furniture companies have been trying to get their act together. One such firm, Godrej Interio, in this field long enough to gauge the impact of a global giant's entry, is planning to experiment with a large format store for the first time. While it usually has stores with a maximum area of around 4,000 square feet, Godrej Interio's first large store in Mumbai would be three times this area. The aim is to give consumers a flavour of a boutique store experience, similar to what a large global retailer would offer.