Leadership Shifts: New Appointments at Union and Central Banks of India

In a move to fortify leadership within the country's banking sector, the Indian government has appointed Asheesh Pandey as Managing Director (MD) and CEO of Union Bank of India, while Kalyan Kumar has been named as the head of Central Bank of India.

The Appointments Committee of the Cabinet, chaired by the Prime Minister, has approved the new appointments for an initial term of three years. Sources reveal that Pandey, previously an Executive Director at Bank of Maharashtra, will assume his new role upon taking charge, while Kumar, an Executive Director at Punjab National Bank, will succeed M V Rao after his retirement in July.

The Financial Services Institutions Bureau (FSIB), under the leadership of former Department of Personnel and Training Secretary Bhanu Pratap Sharma, recommended these appointments. The panel includes notable figures such as Animesh Chauhan, a former chairman and MD of the Oriental Bank of Commerce, and former RBI executive director Deepak Singhal, among others.