Chairman and managing director of Union Bank of India, Mr N V Nair has received an extension to continue holding his current post for another three months.

In other words, Nair has been re-appointed as CMD of the bank for the next three months.

"Appointment Committee of the Cabinet of Government of India has approved re-appointment of Chairman and Managing Director MV Nair, for an initial tenure of three months wef April 1, 2011, or until further orders, whichever is earlier," the bank said.

Nair's original tenor of five years came to termination on March 31, 2011. The government rule on appointment of CMDs of any public sector enterprise says that they can be appointed for a maximum tenor of five years or till they attain the age of 60, whichever is earlier.