Former LIC chairman MR Kumar appointed non-executive chairman of Bank of India for 3 years

The Appointments Committee of the Cabinet (ACC) has recently given its nod to several crucial appointments in the financial services sector.

The Appointments Committee of the Cabinet (ACC) has recently given its nod to several crucial appointments in the financial services sector. Among them is the appointment of former LIC chairman MR Kumar into the Board of Bank of India. These appointments are expected to play a significant role in shaping the future direction of these institutions.

According to a government notification, MR Kumar has been appointed as a part-time non-official director and non-executive chairman on the Board of Bank of India for a term of three years, effective from the date of notification or until further orders.

Apart from MR Kumar's appointment, two other significant appointments were approved by the committee as well.

Srinivasan Sridhar has been appointed as a part-time non-official director and non-executive chairman on the Board of Indian Overseas Bank for a term of three years, effective from the date of notification or until further orders. However, this appointment is subject to the condition that he resigns from the Board of Bank of Baroda.

Also, Aravamudan Krishna Kumar has been appointed as a part-time non-official director and non-executive chairman on the Board of UCO Bank for a term of three years, effective from the date of notification or until further orders. Similar to the previous appointment, this is also subject to the condition that he resigns from the Board of Suraksha Asset Reconstruction Ltd.