FSIB Recommends Ashok Chandra as Next MD and CEO of PNB

The Financial Services Institutions Bureau (FSIB) has recommended Ashok Chandra as the next Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). Currently serving as Executive Director at Canara Bank since November 2022, Chandra’s banking career began in September 1991 with Corporation Bank. He holds a Master’s degree in Economics and is a Certified Associate of the Indian Institute of Bankers. He will succeed Atul Kumar Goel, whose tenure ends on December 31, 2024.

Background and Selection Process

The FSIB issued a notification on August 1, 2024, inviting applications for the MD & CEO position at PNB, with a submission deadline of August 29. After interviewing 16 candidates on October 26 and 28, FSIB based its recommendation on Chandra’s performance, experience, and other parameters.

Career Highlights

Chandra has held various significant positions, including leading the recovery and stressed assets management vertical at Union Bank of India after becoming General Manager in 2018. His extensive experience spans diverse banking demographics, from rural to urban settings, enhancing his suitability for the role.

Appointment Process

FSIB serves as an autonomous body responsible for recommending candidates for high-level appointments in public sector banks. Following the FSIB’s recommendation, the Department of Financial Services (DFS) will forward the name to the Appointments Committee of the Cabinet (ACC) for final approval. The tenure for the MD & CEO position at PNB is three years, with potential extensions based on performance, and a salary scale of ₹205,400 – ₹224,400, plus allowances.