New Delhi: The Government of India is set to fill long-pending top vacancies at Union Bank of India and Central Bank of India, with new appointments expected to be announced shortly. The Department of Financial Services (DFS) has reportedly proposed a reshuffle of earlier recommendations made by the Financial Services Institutions Bureau (FSIB).
Key Bank Positions Vacant Since June and July
Union Bank of India has been without a full-time Managing Director and CEO since June 3, 2025, following the retirement of A. Manimekhalai. Central Bank of India has had no full-time MD & CEO since July 31, 2025, after M. V. Rao stepped down.
Probable Appointees: Kalyan Kumar and Lalit Tyagi
According to official sources, the DFS is now considering:
- Kalyan Kumar, Executive Director at Punjab National Bank, as the next MD & CEO of Union Bank of India.
- Lalit Tyagi, currently Executive Director at Bank of Baroda, as the MD & CEO of Central Bank of India.
The appointments are part of a revised internal reshuffle by DFS, which differs from earlier FSIB recommendations made on May 30, 2025.
Also Read: FSIB Recommends Asheesh Pandey for Union Bank, Kalyan Kumar for Central Bank of India Top Roles
Asheesh Pandey Dropped Again Despite FSIB Nod
The reshuffle marks another setback for Asheesh Pandey, Executive Director at Bank of Maharashtra, who was previously recommended by FSIB for the top role at Union Bank of India. Despite earlier backing, Pandey has reportedly been dropped from the final selection—not for the first time, sources suggest.
The FSIB had originally recommended:
- Asheesh Pandey for Union Bank of India, and
- Kalyan Kumar for Central Bank of India.
However, DFS has reversed those placements, opting instead to position Kalyan Kumar at Union Bank and Lalit Tyagi at Central Bank.
Final Appointment Orders Expected Soon
With both public sector lenders operating without a full-time MD & CEO for several weeks, the banking sector is closely watching for final appointment notifications, which are expected in the coming days.
These decisions are critical, as Union Bank and Central Bank of India are both systemically important public sector banks involved in key government lending schemes and infrastructure funding initiatives.
About Union Bank of India
Union Bank of India, headquartered in Mumbai, is one of India’s largest public sector banks. It offers a wide range of retail, corporate, and digital banking services. The bank plays a vital role in financing infrastructure, MSMEs, and government-led financial inclusion schemes.
About Central Bank of India
Central Bank of India, also headquartered in Mumbai, is among the oldest nationalized banks in the country. Known for its extensive branch network, the bank supports priority sector lending, rural development, and various flagship government programs.
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