Union Finance Ministry to Appoint Leaders for 25 Posts in PSU Banks and Insurance Companies

The Government of India is preparing to fill 25 high-level leadership positions in major public sector financial institutions in 2025. These include top roles such as Managing Directors (MDs), Chief Executive Officers (CEOs), and non-executive chairpersons across banks, insurance companies, and financial corporations.

The Financial Services Institutions Bureau (FSIB) will be responsible for conducting interviews and preparing the shortlist of candidates. The final list will be forwarded to the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, for approval.

Why These Appointments Matter

These senior positions are critical for the functioning and growth of public sector banks and financial institutions. Filling these roles ensures that leadership transitions happen smoothly and that policy and governance in these institutions remain strong.

Key Positions Becoming Vacant Soon

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 Also Opening

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.

Government’s Recruitment Process

The FSIB will conduct interviews and create a shortlist of candidates. After that:

1. The ACC, led by the Prime Minister, will review the shortlist.
2. Once approved, the Department of Personnel & Training (DoPT) will officially announce the appointments.

This structured approach ensures transparency and proper evaluation of leadership candidates for key financial institutions.

Previous Updates from the Government

Earlier this year, the Finance Ministry informed Parliament that 42 top-level positions in public sector banks were vacant. The ministry assured that the government is taking steps to fill these vacancies as early as possible. Click here to read more banking news.

The upcoming wave of leadership changes in India’s financial sector marks an important phase for public sector institutions. With several top roles opening up, the focus will be on selecting capable and visionary leaders who can steer these institutions toward growth and financial stability. The government’s timely action through FSIB and ACC ensures continuity and confidence in the sector’s leadership.