India’s government has approved key leadership changes at two major public sector banks and the Reserve Bank of India (RBI). These moves aim to bring fresh expertise to the top roles in the country’s banking system.
First, Asheesh Pandey will step up as Managing Director and Chief Executive Officer of Union Bank of India. Currently an Executive Director at Bank of Maharashtra, Pandey starts his three-year term as soon as he takes office. His appointment strengthens Union Bank’s executive team amid ongoing efforts to boost efficiency in public sector banking.
In a similar shift, Kalyan Kumar from Punjab National Bank takes over as MD and CEO of Central Bank of India. He replaces M.V. Rao, who retires in July after a long stint. Kumar’s three-year role kicks in right after Rao’s exit, helping maintain steady leadership at Central Bank of India.
The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, greenlit both picks. They follow recommendations from the Financial Services Institutions Bureau (FSIB) back on May 30. The FSIB, headed by former senior official Bhanu Pratap Sharma, plays a big role in selecting leaders for financial institutions.
On the RBI front, Shirish Chandra Murmu joins as a Deputy Governor for three years, effective October 9. Right now, he’s an Executive Director at the RBI, overseeing the Department of Supervision. Murmu steps in for M. Rajeshwar Rao, whose extended term ends on October 8. Rao has served five years in total—starting with a three-year appointment in 2020, plus two one-year extensions in 2023 and 2024.
By law, the RBI needs four Deputy Governors: one from commercial banking, two from inside the bank, and an economist. Murmu, with his banking background, fits the commercial slot. The other current Deputy Governors are Swaminathan J, Poonam Gupta, and T. Rabi Sankar.
These appointments highlight India’s push for stable and skilled management in its vital banking and central banking sectors, especially as the economy grows.
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