Mr. Kalyan Kumar who is currently the Executive Director of Punjab National Bank (PNB), has been proposed as the new MD & CEO of Union Bank of India. Mr. Kalyan Kumar was earlier recommended for Central Bank of India MD & CEO role but was replaced by Mr Lalit Tyagi. Mr. Lalit Tyagi is now proposed for Central Bank of India MD & CEO role.
Asheesh Pandey, who is currently Executive Director at Bank of Maharashtra, was earlier recommended by the Financial Services Institutions Bureau (FSIB) to lead Union Bank but now he is not being considered. The government has not chosen him, for the second time, despite FSIB support. This is probably because the Reserve Bank of India (RBI) had raised concerns about him earlier.
This isn’t the first time Pandey was dropped. In April last year, FSIB had recommended him to lead Indian Bank but later, the Reserve Bank of India (RBI) objected, saying his conduct was not suitable for the top job. So, Binod Kumar was appointed instead. When FSIB again recommended Pandey this May, many thought RBI had changed its mind but apparently, the concerns may still be there.
Union Bank of India and Central Bank of India are without leaders since June and July respectively. Union Bank has had no MD & CEO since A Manimekhalai finished her term in June while Central Bank has been without leader since M V Rao retired in July. Central Bank hasn’t even appointed a temporary internal head, which is unusual.
Both banks has not had a permanent leader for a long tome so this move is meant to fill that gap. Banks leadership appointment will be finalized by the government within the coming days. Some recent controversies and delays have left key public sector banks without top leadership.