Latest News

New MD&CEO appointed in PNB and Indian Bank


➡️ Click here to join our Whatsapp Group

The Appointments Committee of the Cabinet (ACC) has approved key leadership changes at two major public sector banks, Punjab National Bank (PNB) and Indian Bank. The government issued separate orders confirming the appointments.

Ashok Chandra to Lead Punjab National Bank

Ashok Chandra, currently serving as the Executive Director of Canara Bank, has been appointed as the Managing Director and Chief Executive Officer (MD & CEO) of Punjab National Bank. His tenure will be for three years from the date he assumes charge or until further orders, whichever is earlier.

The official order stated:
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Ashok Chandra (DoB: 16.12.1968), Executive Director (ED), Canara Bank as Managing Director and Chief Executive Officer (MD&CEO), Punjab National Bank (PNB), for a period of three years w.e.f. the date of assumption of charge of the office, or until further orders, whichever is earlier.”

Binod Kumar Appointed MD & CEO of Indian Bank

Binod Kumar, currently the Executive Director of Punjab National Bank, has been named the new MD & CEO of Indian Bank. His initial tenure will also be for three years, with a possibility of a two-year extension based on a performance review.

Kumar’s appointment comes after the Financial Services Institution Bureau (FSIB)’s earlier recommendation for the post was set aside. The Reserve Bank of India (RBI) reportedly raised concerns about the conduct of the previously recommended candidate, Asheesh Pandey, during an exit meeting regarding regulatory compliance.

The government order read:
“Appointment of Shri Binod Kumar (DoB: 01.01.1971), Executive Director, Punjab National Bank as Managing Director and Chief Executive Officer, Indian Bank for a period of three years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier.”

Background on the FSIB Recommendation

In April 2024, FSIB had recommended Asheesh Pandey, Executive Director at Bank of Maharashtra, for the top position at Indian Bank. However, the RBI highlighted issues with Pandey’s conduct during a supervisory exit meeting, which led to the government reconsidering the appointment.

The RBI, in its communication to the finance ministry, noted that Pandey’s behavior was “not befitting his position and responsibilities concerning regulatory compliance.”

These appointments mark significant leadership transitions at two of India’s leading public sector banks, as the government continues to prioritize robust governance and performance in the banking sector.

Leave a Reply

Your email address will not be published. Required fields are marked *