In a significant development, the Appointments Committee of the Cabinet (ACC) has made crucial appointments in the banking sector. These appointments, disclosed by the Department of Personnel & Training, align with the decisions made by the ACC.
M R Kumar, the former LIC Chairman, has been named as the part-time non-official Director and non-executive Chairman of Bank of India (BOI). His term as the Chairman is set for three years, bringing a wealth of experience to steer BOI in the coming years.
In another move, Srinivasan Sridhar has taken on the role of the part-time non-official Director and non-executive Chairman on the Board of Indian Overseas Bank (IOB). Sridhar’s appointment is also for a three-year term, contingent upon his resignation from the Board of Bank of Baroda.
Similarly, Aravamudan Krishna Kumar assumes the position of part-time non-official Director and non-executive Chairman on the Board of UCO Bank. His tenure spans three years, subject to his resignation from the Board of Suraksha Asset Reconstruction Limited, as directed by the Department of Personnel & Training.
These appointments are expected to bring a fresh perspective and industry expertise to the respective banks, fostering growth and stability in the Indian banking sector.
The ACC’s decisions aim to strengthen the leadership teams of these financial institutions for the challenges and opportunities that lie ahead. The newly appointed leaders are anticipated to play a pivotal role in shaping the future trajectory of their respective banks.
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