Asheesh Pandey as MD and CEO of Union Bank of India
The administration has approved the designation of Asheesh Pandey as Managing Director and Chief Executive Officer of Union Bank of India, along with Kalyan Kumar as the new leader of Central Bank of India. Each position comes with a three-year tenure. The Cabinet's Appointments Committee, led by Prime Minister Narendra Modi, gave their endorsement to these selections.
Pandey, presently holding the position of Executive Director at Bank of Maharashtra, will assume his role as MD and CEO of Union Bank of India for three years starting from his official commencement date. In a similar fashion, Kalyan Kumar, who serves as Executive Director at Punjab National Bank, will transition into the MD and CEO role at Central Bank of India following the retirement of the current officeholder M.V. Rao in July.
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Kumar presently holds the position of Chairman at both PNB Gilts Ltd and PNB Cards & Services Ltd, while also serving on the boards of MDI Society, IIFCL, and NIBSCOM. After being appointed as Executive Director at Punjab National Bank, he has managed profit and loss responsibilities spanning business operations, support services, and control functions. Kumar spearheads digital innovation, strategic planning, and human resources programs, notably 'PNB Udaan' and 'PNB Palaash', which emphasize expansion, sustainability, and operational enhancements. His banking journey began at Union Bank in 1995, where he held diverse positions including branch manager, principal of training institute, and Chief General Manager for Human Resources. Kumar earned his master's degree in science from Rajendra Prasad Agriculture University and is a Certified Associate of the Indian Institute of Bankers (CAIIB). He has also obtained specialized certifications in trade finance, small and medium enterprise finance, information technology security, and know your customer-anti money laundering protocols.
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On May 30, the Financial Services Institutions Bureau (FSIB) put forward Pandey and Kumar's names for these senior roles. This bureau operates under the leadership of Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training. Previously, the administration had also named Shirish Chandra Murmu to serve as Deputy Governor of the Reserve Bank of India for a three-year period.
The Appointments Committee of the Union Cabinet has given approval for Murmu's appointment, which will take effect on October 9.
He is set to succeed M. Rajeshwar Rao, whose extended tenure will conclude on October 8. Murmu currently holds the position of Executive Director at the RBI, overseeing the Department of Supervision.
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Legal requirements stipulate that the RBI must maintain four Deputy Governors: one drawn from commercial banking, two from internal appointments, and one economist. The remaining Deputy Governors include Swaminathan J, Poonam Gupta, and T. Rabi Sankar. Rao has held his role for a five-year period. His initial appointment as Deputy Governor in 2020 was for three years, followed by two separate one-year extensions in 2023 and 2024.