New Delhi: In a significant leadership update in India’s banking sector, the Financial Services Institutions Bureau (FSIB) has recommended Asheesh Pandey and Kalyan Kumar for the roles of Managing Director (MD) and Chief Executive Officer (CEO) of Union Bank of India and Central Bank of India, respectively.
Selection After Rigorous Interviews
According to an official notification issued on May 30, 2025, FSIB interfaced with 23 senior executives from various Public Sector Banks (PSBs) between May 27 and May 30. The selection was based on candidates’ performance in the interface, their overall experience, and in accordance with current eligibility norms.
About the Appointees
Asheesh Pandey is currently serving as Executive Director at Bank of Maharashtra. He has been recommended for the upcoming vacancy in Union Bank of India, as current MD & CEO A Manimekhalai is set to complete her tenure next month.
Kalyan Kumar, presently Executive Director at Punjab National Bank, has been selected for the MD & CEO role at Central Bank of India. Incumbent MD MV Rao is expected to retire in July 2025.
Transition Timing and Background
These leadership changes come at a pivotal time for both banks. Union Bank and Central Bank have been critical players in the financial inclusion and credit delivery ecosystem, and leadership continuity is considered crucial as they navigate regulatory reforms, digital transformation, and capital adequacy goals.
The final appointments will be subject to further approval by the Appointments Committee of the Cabinet (ACC) and any statutory clearances, as per standard protocol.
About FSIB
The Financial Services Institutions Bureau (FSIB), formerly the Banks Board Bureau (BBB), is the government’s headhunting body for selecting top executives in public sector banks, insurance companies, and financial institutions.
