Bank of India has named Shri M. R. Kumar as the non-executive chairman over the board meeting on February 29, 2024.
Shri M. R. Kumar will be in charge of the bank’s overall growth trajectory.
Shri Kumar, a science graduate from the University of Madras, currently sits on the board of directors of Ambuja Cements Ltd. He joined the Life Insurance Corporation of India in 1983 and was given the rare opportunity to oversee three zones: the southern zone in Chennai, the north central zone in Kanpur, and the northern zone in Delhi. He also served as the Chairman of LIC India from 2019 to March 2023. Kumar was instrumental in transforming IDBI Bank from a loss-making to a thriving enterprise while serving as Non-Executive Chairman.
Kumar also served as a director on Kenindia Assurance Co. Ltd. boards in Kenya and ACC Ltd. in India. His leadership abilities were further demonstrated by his tenure as Chairman of the Governing Board at the National Insurance Academy, as well as his service as President of the Insurance Institute of India and Chairman of the Council of Insurance Ombudsman, which highlighted his significant contributions to the insurance and banking sectors.
The Bank of India also named Shri Rajiv Mishra as the Executive Director.
Shri Rajiv Mishra, a BE, MBA graduate, and a Certified Associate of both the Indian Institute of Bankers and the Insurance Institute of India, brings 24 years of experience in Digital, Analytics & IT, Retail and MSME Credit, Large Corporates, Recovery, and Treasury. His significant involvement in spearheading Union Bank of India’s digital transformation, as evidenced by the development of the VYOM mobile app, demonstrates his innovative approach and dedication to expanding banking technologies. Mishra has previously served on the Kashi Gomti Samyut Gramin Bank boards in Varanasi and UBI Services Ltd.
Shri Rajiv Mishra will play an important role at the Bank of India in managing stressed asset resolution, recovery, and policy issues. His responsibilities include Information Technology, Digital Banking (including Transaction Banking), Digital Analytics, Digital Lending, and General Operations, which includes the Centralised Back Office and Rajbhasha.
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These significant appointments demonstrate the Bank of India’s commitment to enhancing its leadership structure, resulting in a strong banking sector growth and innovation strategy.
