Shareholder Director Hemant Buch resigns from Canara Bank board, Know Why
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Shri Hemant Buch, who was serving as a Shareholder Director on the Board of Canara Bank, has resigned from his position.
He submitted his resignation letter on July 1, 2025, following communications received from the Reserve Bank of India (RBI) on June 12, 2025, and June 24, 2025. According to these RBI guidelines, any person who is currently working with Life Insurance Corporation of India (LIC) and is involved in para-banking activities is not eligible to continue as a Shareholder Director on the boards of public sector banks.
This condition is mentioned under paragraph 4.3(iv)(b) of the RBI’s Master Direction on ‘Fit & Proper’ Criteria for Elected Directors on the Board of Public Sector Banks, which was first issued on August 2, 2019, and later updated on June 3, 2020. As a result of this disqualification, Shri Hemant Buch ceased to be a Director on the Board of Canara Bank with effect from July 1, 2025
Download RBI ‘Fit & Proper’ Circular PDF
About Hemant Buch
Shri Hemant Buch, 57 years old, has been working with Life Insurance Corporation of India (LIC) since 1989, when he joined as an Assistant Administrative Officer (AAO). With over 30 years of service, he has had a long and successful career at LIC.
For nearly three decades, Shri Buch has been actively involved in the marketing of life insurance products, including conventional life insurance and group life policies. Before moving into marketing, he spent two valuable years as an Internal Auditor, where he audited accounts and financial records across various LIC offices—from branch level to zonal level. During this time, he developed a strong sense of financial discipline, accounting accuracy, and vigilance.
Throughout his career, Shri Buch has taken on several important roles. He has led LIC’s Mumbai Divisional Office and guided marketing operations in the Chandigarh division. Between 2010 and 2015, he also served as the head of LIC’s Rajkot and Surat divisions, gaining experience in managing large teams and operations.
Since April 2022, Shri Hemant Buch has been serving as an Executive Director in LIC of India, where he continues to handle significant responsibilities within the organisation.