NEW DELHI: The government is exploring ways to appoint top officials in two major public sector banks after existing officials were divested of their charge pending investigations into their involvement with financial irregularities, a top finance ministry official in the know said. The managing director for Allahabad Bank was divested of all powers as were two executive directors of Punjab National Bank for their alleged involvement in the multi-crore rupee scam centred on fugitive jeweller Nirav Modi.“Since these senior officials have not been removed and just divested of their powers, it is not possible to appoint another MD or ED in these cases,” said official adding that the ministry is looking at all options including their removal under the Banking Regulation Act. Earlier this month, the board of Allahabad Bank divested its managing director and CEO Usha Ananthasubramanian of all executive powers after the Central Bureau of Investigation named her in the $2-billion Punjab National Bank scam. PNB’s board also took a similar decision in case of its two executive directors KV Brahmaji Rao and Sanjiv Sharan — of divesting them of all powers. Ananthasubramanian was the MD and CEO of Punjab National Bank from 2015 to 2017 before she was moved out to Allahabad Bank. “Since the finance ministry had sought explanation from the officials named in the charge-sheet, it will be difficult to remove them unless they have accepted the allegations,” said another government official. Under the Banking Regulation Act, the Reserve Bank of India can also direct banks to remove or appoint additional directors, the official added. In 2014, the government suspended chairman and managing director of Syndicate Bank a day after he was arrested by the CBI. He was finally removed in September that year. This comes as the Banks Board Bureau has suggested that senior officials from SBI should be considered for chiefs of other staterun banks. “There is a serious lack of talent and it will take us at least a year to get that developed. So, BBB will call some managing directors and deputy managing directors of SBI in for the interviews,” the above quoted official said.