Punjab National Bank and Indian Bank Appoint New Managing Directors and CEOs

The Indian government has appointed Ashok Chandra as the Managing Director and CEO of Punjab National Bank, and Binod Kumar as the Managing Director and CEO of Indian Bank, effective from January 2025, after the retirement of their predecessors.

New MDs for PNB & Indian Bank

On January 16, 2025, the Indian government appointed Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) and Binod Kumar as the MD and CEO of Indian Bank.

Punjab National Bank (PNB)

Ashok Chandra has been appointed as the MD and CEO of PNB. Before this appointment, Chandra served as an Executive Director at Canara Bank from November 2022, overseeing areas such as digital banking, IT, strategy, marketing, financial inclusion, and MSMEs, among others.

He began his banking career at the former Corporation Bank in 1991 as a probationary officer. Chandra, aged 57, has been appointed for a three-year term.

Indian Bank

Binod Kumar has assumed the role of MD and CEO at Indian Bank. With over 30 years in banking, Kumar started his career at Punjab National Bank in 1994 as a management trainee and was later promoted to Executive Director in November 2022.

He has held several senior positions, including Chief General Manager (Corporate Credit) and Zonal Manager. Kumar holds a science degree, a post-graduate diploma in Banking and Finance from NIBM, and multiple professional certifications, including Financial Risk Manager (FRM) from GARP, USA.

Kumar, aged 55, will serve a three-year term, with the possibility of a two-year extension based on performance reviews.

Context of Appointments

These leadership changes follow the end of the tenures of Atul Kumar Goel at PNB and Shanti Lal Jain at Indian Bank on December 31, 2024. The appointments are part of the government's ongoing efforts to enhance governance and strategic direction in India’s public sector banking sector.

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