The Indian government has made two key appointments in the banking sector, naming Asheesh Pandey as the Managing Director (MD) and CEO of Union Bank of India, and Kalyan Kumar as the head of Central Bank of India. These appointments were approved by the Appointments Committee of the Cabinet, which is headed by the Prime Minister, for an initial period of three years.
Asheesh Pandey, currently the Executive Director of Bank of Maharashtra, will take over as MD and CEO of Union Bank of India, effective from the date of his assumption of charge. Kalyan Kumar, who is the Executive Director of Punjab National Bank (PNB), will succeed M V Rao as MD and CEO of Central Bank of India after Rao’s superannuation in July.
The Financial Services Institutions Bureau (FSIB) had recommended Pandey and Kumar for these positions on May 30. The FSIB is headed by former Department of Personnel and Training Secretary Bhanu Pratap Sharma, and its other members include Animesh Chauhan, former chairman and MD of Oriental Bank of Commerce, Deepak Singhal, former executive director of the Reserve Bank, and Shailendra Bhandari, former MD of ING Vysya Bank.
These appointments are significant, as they come at a time when the Indian banking sector is undergoing significant changes and reforms. The government has been working to strengthen the banking sector, and these appointments are seen as a key part of this effort. The appointments of Pandey and Kumar are expected to bring in fresh perspective and leadership to Union Bank of India and Central Bank of India, respectively.
The appointments are also seen as a reflection of the government’s commitment to appointing experienced and talented professionals to key positions in the banking sector. Both Pandey and Kumar have significant experience in the banking sector, and their appointments are expected to be beneficial for the banks and the sector as a whole. Overall, these appointments are an important development in the Indian banking sector, and are expected to have a positive impact on the sector’s growth and development.