The government has not given extension to Punjab National Bank Chairman and Managing Director K R Kamath after he completed his 5-year term in the PSU bank yesterday.

As per the government rules, the CMD and Directors are appointed in public sector entities for a period of five years or up to the age of 60, whichever is earlier.

Kamath, who joined PNB in October 2009, had another 13 months to superannuation.

Prior to joining PNB, he was CMD of Allahabad Bank. (PTI)