New MDs of PNB and Indian Bank

The Indian government has appointed Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) and Binod Kumar as the MD & CEO of Indian Bank, effective January 2025.

These appointments come after the retirement of the previous heads at the end of December 2024.

Ashok Chandra – New MD & CEO of PNB

Ashok Chandra has taken charge of Punjab National Bank (PNB) as its new MD and CEO. He replaces Atul Kumar Goel, whose tenure ended on December 31, 2024.

• Background: Ashok Chandra began his banking career in 1991 at Corporation Bank as a Probationary Officer.

• Previous Role: He was serving as Executive Director at Canara Bank since November 2022, managing digital banking, IT, MSMEs, marketing, and strategy.

• Age & Term: Chandra is 57 years old and has been appointed for a three-year term.

Binod Kumar – New MD & CEO of Indian Bank

Binod Kumar has taken over as MD and CEO of Indian Bank, replacing Shanti Lal Jain, who retired at the end of 2024.

• Career Path: Binod Kumar began his journey in Punjab National Bank in 1994 as a Management Trainee.

• Experience: With over 30 years in banking, he has served as Executive Director at Indian Bank (from November 2022), Chief General Manager (Corporate Credit), and Zonal Manager.

• Education: Holds a science degree, a PG diploma in Banking & Finance from NIBM, and is a certified Financial Risk Manager (FRM) from GARP, USA.

• Age & Term: Kumar is 55 years old and will serve for three years, with a possible two-year extension based on performance.

Why These Appointments Matter

• These leadership changes are part of the government's broader efforts to strengthen governance and improve the strategic direction of public sector banks.

• The new appointments bring experienced professionals into top positions to lead India’s major banks through digital, financial, and structural transformation.

Final Thoughts

The appointments of Ashok Chandra as MD & CEO of PNB and Binod Kumar as MD & CEO of Indian Bank mark a significant move in India's public banking leadership. With decades of experience in the banking sector, both leaders bring strong credentials and strategic expertise.

Their roles will be critical in steering their respective banks through upcoming digital transformation, credit expansion, and governance reforms. These appointments also reflect the government’s push to ensure stable leadership and performance-driven growth in public sector banks.

As they begin their three-year tenures, their decisions will directly impact the banking ecosystem, customers, and the broader Indian economy.