UCO Bank has announced that Shri Ashwani Kumar has completed his tenure as the Managing Director and Chief Executive Officer (MD & CEO) of the bank and has stepped down from the position with effect from May 31, 2026.
Shri Ashwani Kumar was appointed as the MD & CEO of UCO Bank for a period of three years through a Government of India notification issued on May 31, 2023. After successfully completing his three-year term, he has now ceased to hold the office of MD & CEO.
Just a day before he stepped down, he approved the new Group Personal Accident Insurance Policy for All Employees. Under the new policy, employees will get an insurance facility up to Rs 2 crore.
At present, UCO Bank employees are covered under the IBA Group Medical Insurance Scheme, with the premium paid by the Bank. Employees and their spouses also have the option to avail coverage under the GSLI/GTLI scheme, where the premium is borne by the employee. However, there was no dedicated personal accident insurance policy available for employees.
Thus, the new scheme has been designed to protect employees and their dependent family members from financial hardship arising due to accidental death or disability.
Under the new policy, different categories of employees will receive different levels of accident insurance coverage.
| Employee Category | Insurance Coverage |
|---|---|
| Sub-staff | ₹40 lakh |
| Clerical Staff | ₹50 lakh |
| Officers (Scale I to III) | ₹75 lakh |
| Executives (Scale IV & V) | ₹100 lakh |
| Executives (Scale VI, VII & VIII) & CVO | ₹150 lakh |
| Executive Directors & Managing Director | ₹200 lakh |
➡️ The scheme will provide up to ₹5 lakh for the education of up to two children aged between 18 and 25 years.
➡️ A financial assistance of up to ₹5 lakh will be available for the marriage of up to two girl children aged between 18 and 25 years.
➡️ The policy also includes an additional death cover for the spouse: ₹3 lakh for certain employee categories and ₹5 lakh for higher employee categories.
Profile of Shri Ashwani Kumar
Shri Ashwani Kumar is a Chartered Accountant, a Post Graduate in Commerce and a certified member of the Indian Institute of Banking and Finance. He has more than two decades of rich experience in the banking sector.
Shri Ashwani Kumar rose through the ranks while serving in various public sector banks, including Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank. His experience includes working in the Wholesale Banking Division and heading several branches, including Industrial Finance Branches and Large Corporate Branches. As a General Manager, he headed the Mid Corporate and Large Corporate verticals. He has also served as a Zonal Manager, leading various zones, and as the Chief Finance Officer (CFO).
As an avid learner, he has attended various training programmes at premier institutions in India and abroad, including IIM and CAFRAL. He completed the Leadership Development Programme at IIM Bangalore, curated by the Banks Board Bureau in consultation with IBA and Egon Zehnder International Pvt. Ltd. He also attended the Directors Development Programme conducted by Egon Zehnder and Harvard Business Publishing in coordination with FSIB and IBA. In addition, he completed the Certification Programme for IT and Cyber Security for Board Members organised by IDRBT.
Prior to joining UCO Bank as Managing Director and Chief Executive Officer (MD & CEO), he served as Executive Director of Indian Bank.
Directorship in Other Body Corporates
| Name of Director | Directorship in Other Body Corporates |
|---|---|
| Shri Ashwani Kumar | UCO Bank |
| Shri Ashwani Kumar | Institute of Banking Personnel Selection |
| Shri Ashwani Kumar | EXIM Bank |
| Shri Ashwani Kumar | Indian Institute of Banking and Finance |
| Shri Ashwani Kumar | Indian Banks’ Association |
Also Read: UCO Bank Introduces Group Personal Accident Insurance Policy for All Employees
