The Financial Services Institutions Bureau (FSIB) has recommended Binod Kumar, currently serving as the Executive Director of Punjab National Bank, as the new Managing Director and CEO of Indian Bank, based in Chennai. Kumar is set to succeed S. L. Jain, who will retire next month.
The FSIB, responsible for selecting leadership for state-owned banks and financial institutions, announced its decision after interviewing 15 candidates. In its statement, the bureau cited Kumar’s overall experience, performance during the interview process, and relevant criteria as the basis for the recommendation.
Earlier, Asheesh Pandey had been chosen for the role in April, but concerns raised by the Reserve Bank of India (RBI) led to a reevaluation and fresh interviews to identify a new candidate.
The final appointment will require approval from the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi. The FSIB is led by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training, and includes members such as Animesh Chauhan (former Chairman and MD of Oriental Bank of Commerce), Deepak Singhal (former RBI Executive Director), and Shailendra Bhandari (former MD of ING Vysya Bank).
Who is Binod Kumar?
- Shri Kumar is a science graduate from Ranchi University and holds a Post Graduate Diploma in Banking & Finance from NIBM. He is also a Financial Risk Manager (FRM) certified by GARP (USA) and a Certified Associate of the Indian Institute of Bankers (CAIIB).
- Beginning his career with Punjab National Bank as a Management Trainee in 1994, Shri Kumar has amassed over 28 years of diverse banking experience. His expertise spans various domains, including branch operations, administrative roles, risk management, and credit. He has also served as the Chief Executive Officer of the DIFC branch and, prior to his current role, was the Chief General Manager heading the Corporate Credit Division at PNB’s Head Office.
- Shri Kumar holds diplomas in Treasury, Investment & Risk Management, and Banking & Finance from IIBF and has undergone leadership development training at IIM Bangalore.
- Additionally, he has represented Punjab National Bank as a Nominee Director on the Boards of PNB Housing Finance Limited and India SME Asset Reconstruction Company Limited (ISARC).
Earlier, Asheesh Pandey had been chosen for the role in April, but concerns raised by the Reserve Bank of India (RBI) led to a reevaluation and fresh interviews to identify a new candidate.
why did need to reform a fresh interview team to select fresh executive for this role?