The government has approved a proposal appointing Canara Bank executive director Ashok Chandra as the managing director and CEO of Punjab National Bank (PNB). It also cleared the appointment of PNB executive director Binod Kumar as the MD & CEO of Indian Bank.
The Appointments Committee of the Cabinet on January 15 said it had given the go-ahead to the recommendations made by the department of financial services.
Ashok Chandra appointed as PNB CEO & MD
Chandra has been appointed the PNB MD and CEO for a three-year term with effect from when he assumes office. Prior to Canara Bank, Chandra worked at Corporation Bank and Union Bank of India. He took charge as the executive director of Canara Bank in November 2022.
Chandra takes over from Atul Kumar Goel whose tenure as PNB CEO and MD has ended. Goel took over as the PNB head in February 2022.
Binod Kumar is Indian Bank CEO & MD
Binod Kumar too will have as CEO and MD of Indian Bank for a period of three years. He took charge as an executive director at PNB in November 2022. He had joined the national bank as a management trainee in 1994. Kumar replaces Shanti Lal.
The Financial Services Institutions Bureau in April had picked Asheesh Pandey for the position but the Reserve Bank of India (RBI) had some reservation about him. The bureau held a fresh interview and proposed Kumar’s name in November.
PNB, Indian Bank, Canara Bank shares in focus
Shares of the abovementioned banks gained on January 16 following the announcement. At 11.30 am, the PNB stock was up more than 3 percent at Rs 101.29, while that of Indian Bank surged around 5 percent to Rs 526.75. Shares of Canara Bank rose 3 percent to Rs 97.75.
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