Government Likely to Extend Tenures of MD & CEO of Punjab & Sind Bank and Indian Overseas Bank
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The central government is likely to extend the tenure of the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab & Sind Bank and Indian Overseas Bank (IOB) soon. As per sources, the process for extending their terms is nearly complete and an official notification may be issued shortly.
Swaroop Kumar Saha, who is currently serving as the MD & CEO of Punjab & Sind Bank, will see his current term end on June 2, 2025. Similarly, Ajay Kumar Srivastava, the MD & CEO of Indian Overseas Bank, is scheduled to complete his term on December 31, 2025.
A government source mentioned that both executives still have around two years left before their retirement, and the paperwork to extend their service is in the final stage.
Background of the Bank Chiefs
Swaroop Kumar Saha took over as MD & CEO of Punjab & Sind Bank on June 3, 2022. Before this role, he served as Executive Director (ED) at Punjab National Bank. His banking career began in 1990 with Oriental Bank of Commerce. Over the years, Saha has gained more than 30 years of experience in key areas like treasury, risk management, and international banking.
Ajay Kumar Srivastava assumed his current role at Indian Overseas Bank on January 1, 2023. He began his banking journey in 1991 as a probationary officer in Allahabad Bank, where he worked for over 27 years. In October 2017, he joined IOB and steadily moved up the ranks.
No Extension Likely for Union Bank MD & CEO
Meanwhile, sources suggest that A Manimekhalai, the MD & CEO of Union Bank of India, may not receive an extension. Her current term ends on June 2, 2025, although her official retirement is due in March 2026. The government has already informed the Financial Services Institutions Bureau (FSIB), the agency responsible for selecting top-level executives in public sector banks. She is also embroiled in a big controversy related to purchase of books worth Rs 7.25 crore. [Also Read: Why Union Bank wasted Crores of Rupees on Book Purchase? Employees demand investigation]
FSIB is planning to conduct fresh interviews for leadership roles between May 27 and May 30. This includes the upcoming vacancy for M. V. Rao, the MD & CEO of Central Bank of India, whose term ends on July 31, 2025.
25 Top Posts Vacant in 2025
In 2025, the Finance Ministry is expected to fill 25 major leadership roles in various government-owned financial institutions. FSIB will first conduct interviews and then prepare a shortlist of qualified candidates. This list will be sent to the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, for final approval. Once the ACC approves the list, the Department of Personnel and Training (DoPT) will officially release the appointments.
Here are some of the notable positions that will be vacant in the coming months:
| Current Officer | Designation | Institution | Tenure Ends |
|---|---|---|---|
| Tablesh Pandey | MD | LIC | May 31, 2025 |
| Padmanabhan Raja Jaishankar | MD | IIFCL | May 28, 2025 |
| M Jagannath | MD | LIC | May 31, 2025 |
| A Manimekhalai | MD & CEO | Union Bank of India | June 2, 2025 |
| Swarup Kumar Saha | MD & CEO | Punjab & Sind Bank | June 2, 2025 |
| Siddhartha Mohanty | CEO & MD | LIC | June 7, 2025 |
| M V Rao | MD & CEO | Central Bank of India | July 31, 2025 |
Leadership Changes Coming Soon
- A Manimekhalai, MD & CEO of Union Bank of India, will complete her term on June 2, 2025. She also holds an additional post as a director at General Insurance Corporation of India (GIC Re), which will also fall vacant. [Also Read: Why Union Bank wasted Crores of Rupees on Book Purchase? Employees demand investigation]
- Siddhartha Mohanty, CEO and MD of Life Insurance Corporation (LIC), will complete his extended term on June 7, 2025.
- Padmanabhan Raja Jaishankar, MD of India Infrastructure Finance Company Ltd (IIFCL), will complete his term on May 28, 2025.
- Swarup Kumar Saha, MD & CEO of Punjab & Sind Bank, will retire on June 2, 2025.
- M V Rao, MD & CEO of Central Bank of India, is set to retire on July 31, 2025.
Non-Executive Chairman Positions Vacant
Some non-executive chairman roles in public sector banks are also nearing the end of their terms:
- Vijay Srirangan, non-executive vice chairman of Canara Bank, took office on November 7, 2022, and his term ends on November 6, 2025.
- K G Ananthakrishnan, chairman of Punjab National Bank, and Srinivasan Varadarajan, chairman of Union Bank of India, will also complete their terms on November 6, 2025.
Executive Director (ED) Positions to Be Filled
Apart from top MD and CEO posts, several Executive Director (ED) positions will also be vacant this year. For example:
- Debashish Mukherjee, ED of Canara Bank, will finish his term on May 31, 2025. He started in February 2018.
- Joydeep Dutta Roy, ED at Indian Overseas Bank, is set to complete his tenure in October 2025.
Applications and Interviews Ongoing
More than 22 applicants have applied for positions such as MD and Executive Director (ED) in public sector banks. FSIB is likely to hold interviews for these positions as well.
For example, the tenure of Debashish Mukherjee, ED of Canara Bank, ends on May 31, and Joydeep Dutta Roy, ED of IOB, is due to retire in October.
FSIB has also conducted interviews on May 14 and 16 for ED posts in government-run general insurance companies such as the Agriculture Insurance Company of India, General Insurance Corporation of India (GIC), and Oriental Insurance Company.
