Tenure of MD&CEO of Indian Overseas Bank Extended by Government
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The Central Government has extended the term of Shri Ajay Kumar Srivastava, Managing Director and CEO of Indian Overseas Bank. His current term was ending on 31 December 2025, but now he will continue till 8 October 2027, which will complete his 10 years as a Whole-Time Director in the bank. The extension will be valid from 1 January 2026 or until further orders, whichever is earlier.
About Shri Ajay Kumar Srivastava
Shri Ajay Kumar Srivastava was elevated as Managing Director and CEO of Indian Overseas Bank with effect from 1st January 2023 from his current posting as Executive Director since 9th October 2017.
He started his banking career as Probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country. He is an astute and hardcore banker with vast field level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat and Delhi while working at senior level in Allahabad Bank.
After successful completion of about 27 years in Allahabad Bank he was elevated as Executive Director by Government of India and he joined Indian Overseas Bank on 09.10.2017.
At Indian overseas Bank as Executive Director, he had a very challenging journey. Bank was incurring losses since 2014, was in PCA since 2015 and financial parameters were in bad shape besides many other challenges. He made strategies for each of the key areas and successfully implemented them at the ground level with the support of the Board. He served the Bank as Executive Director for more than five years and handled all the departments and portfolios during the period. The highlight of his stint as Executive Director is that he had played a very key role in bringing the Bank out of loss in March 2020 and out of PCA in September 2021. Moreover, he was the only Executive Director in the Bank for about 14 months during 2020-2021.
He was appointed as Director on the Board of India Infrastructure Finance Company Limited (IIFCL) by Government of India for two years. He has also served as Director on the Board of Regional Rural Bank in his previous Bank.