FSIB Recommends Asheesh Pandey for Union Bank CEO, Kalyan Kumar for Central Bank Top Post

The Financial Services Institutions Bureau (FSIB) has put forward Asheesh Pandey as the new Managing Director and Chief Executive Officer of Union Bank of India (UBI) and Kalyan Kumar as MD and CEO of Central Bank of India.

Current Roles of the Appointees

Pandey is currently serving as the Executive Director at Bank of Maharashtra, while Kumar holds the same position at Punjab National Bank. Their elevation comes after a selection process involving 23 candidates from various public sector banks.

These interactions took place between May 27 and May 30, 2025, as part of the appointment procedure for leadership positions in state-owned banks.

Basis for Recommendations

According to FSIB, the recommendation was made after evaluating the candidates’ performance during the interviews, their overall professional experience, and in alignment with existing criteria.

Based on these factors, the Bureau selected Pandey for the upcoming vacancy at Union Bank of India and Kumar for the role at Central Bank of India.

Upcoming Vacancies at UBI and CBoI

The current MD & CEO of Union Bank of India, A Manimekhalai, is scheduled to complete her three-year term next month. Pandey will replace her.

Manimekhalai has not received an extension, particularly amid a controversy involving the procurement of 2,00,000 copies of a book by KV Subramanian.

In the case of Central Bank of India, Kalyan Kumar is set to take over from MV Rao, whose term ends in July 2025. Rao has held the position of MD & CEO at CBoI since March 2021.

FSIB’s Official Statement

On Friday, the FSIB officially announced its recommendations. “Keeping in view their performance during the interview, their overall experience, and the extant parameters, the bureau recommended Asheesh Pandey for the position of MD & CEO in Union Bank of India and Kalyan Kumar for MD and CEO of Central Bank of India,” the Bureau stated.

The FSIB serves as the selection authority for key posts in state-owned financial institutions and banks. Its recommendation process is aimed at identifying top-performing leaders for crucial roles within India’s public sector banking framework.

FSIB Leadership and Members

The FSIB is chaired by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training.

The bureau also comprises Animesh Chauhan, former Chairman and Managing Director of the erstwhile Oriental Bank of Commerce; Deepak Singhal, former Executive Director at the Reserve Bank of India; and Shailendra Bhandari, former MD of the erstwhile ING Vysya Bank.

Final Approval Pending

Although FSIB has made its recommendations, the final appointment will be subject to the approval of the Appointments Committee of the Cabinet.

This committee is led by Prime Minister Narendra Modi and is responsible for ratifying such top-level decisions in public sector enterprises.

The selection of Pandey and Kumar marks a significant development in India’s banking leadership and reflects the government’s focus on experienced professionals for heading public sector banks.