On Saturday, the Financial Services Institutions Bureau (FSIB) recommended Binod Kumar for the position of Managing Director and CEO of Chennai-based Indian Bank.
Presently serving as the Executive Director of Punjab National Bank, Kumar is poised to take over from S L Jain, who is set to retire next month.
Announcing the outcome of the selection process, the FSIB—the official headhunter for directors of state-owned banks and financial institutions—stated that the bureau interviewed 15 candidates on Sunday.
“Based on their performance during the interview, overall experience, and applicable criteria, the Bureau recommends Binod Kumar for the position of MD & CEO at Indian Bank,” the FSIB noted in its statement.
Previously, in April, the bureau shortlisted Asheesh Pandey for the role; however, the Reserve Bank of India (RBI) expressed reservations regarding his appointment. Consequently, the bureau conducted a fresh selection process to identify a new candidate.
The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, will make the final decision on the FSIB’s recommendation.
Bhanu Pratap Sharma, a former Secretary of the Department of Personnel and Training, chairs the FSIB. Its members include Animesh Chauhan, retired Chairman and MD of the erstwhile Oriental Bank of Commerce; Deepak Singhal, ex-Executive Director of the RBI; and Shailendra Bhandari, former MD of the erstwhile ING Vysya Bank.
