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Ajay Vipin Nanavati was appointed as the chairman of Syndicate Bank. The appointments committee of the cabinet has approved his appointment as non-official director/non-executive chairman of Syndicate Bank for three years. In 2015, the government had bifurcated the posts of chairman and managing directors in public sector banks.  While the chairman became responsible for overall policy directions, the managing director and chief executive officer became the executive head, accountable for day-to-day functioning of the bank.