Ashok Chandra appointed MD & CEO of PNB; Binod Kumar to head Indian Bank

Appointments Committee of the Cabinet (ACC) has approved leadership changes at two major public sector banks, Punjab National Bank (PNB) and Indian Bank, the government said in two separate orders.

Ashok Chandra, currently Executive Director of Canara Bank, has been appointed as Managing Director and Chief Executive Officer (MD & CEO) of PNB for a period of three years.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Ashok Chandra (DoB: 16.12.1968), Executive Director (ED), Canara Bank as Managing Director and Chief Executive Officer (MD&CEO), Punjab National Bank (PNB), for a period of three years w.e.f. the date of assumption of charge of the office, or until further orders, whichever is earlier," the order read.

Indian Bank MD & CEO

Binod Kumar, Executive Director of PNB, has been named the new MD & CEO of Indian Bank.

Kumar, appointed for a three-year term, will be eligible for a two-year extension based on a performance review.

His appointment follows the scrapping of an earlier recommendation by the Financial Services Institution Bureau (FSIB) after the Reserve Bank of India (RBI) reportedly made adverse remarks against the top executive.

"Appointment of Shri Binod Kumar (DoB: 01.01.1971), Executive Director, Punjab National Bank as Managing Director and Chief Executive Officer, Indian Bank for a period of three years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," the order stated.

In April 2024, FSIB recommended the name of Asheesh Pandey, executive director at Bank of Maharashtra, for the top position at Indian Bank, after which the banking regulator, in a letter to the finance ministry, asked to consider its observations while evaluating his candidature, according to The Economic Times.

The RBI said the "behaviour and conduct" of Asheesh Pandey during an exit meeting to discuss supervisory findings was "found not befitting his position and responsibilities concerning regulatory compliance."