Punjab National Bank and Indian Bank Appoint New MDs and CEOs

On January 16, 2025, the Indian government appointed new Managing Directors and Chief Executive Officers for two major public sector banks: Ashok Chandra at Punjab National Bank (PNB) and Binod Kumar at Indian Bank.

Punjab National Bank (PNB)

Appointment

Ashok Chandra has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of PNB.

Background

 Prior to this role, Chandra served as an Executive Director at Canara Bank since November 2022, overseeing various verticals including digital banking, information technology, strategy and planning, marketing and public relations, financial inclusion, micro, small, and medium enterprises (MSME), retail assets, agriculture, and priority sectors. He began his banking career at the erstwhile Corporation Bank in September 1991 as a probationary officer.

Tenure

Chandra, aged 57, has been appointed for a three-year term.

Indian Bank

Appointment

Binod Kumar has taken charge as the MD and CEO of Indian Bank.

Background

 Kumar brings over three decades of banking experience. He joined Punjab National Bank as a management trainee in 1994 and was elevated to the position of Executive Director in November 2022. At PNB, he held various key positions, including Chief General Manager (Corporate Credit), Zonal Manager, and CEO of PNB Operations at the Dubai International Financial Centre. He is a science graduate and holds a Post Graduate Diploma in Banking and Finance from the National Institute of Bank Management (NIBM). Additionally, he is a Financial Risk Manager (FRM), certified by the Global Association of Risk Professionals (GARP), USA, and a Certified Associate of the Indian Institute of Bankers (CAIIB). He also holds a diploma in Treasury Investment and Risk Management and has completed a leadership skill development programme at the Indian Institute of Management (IIM) Bangalore.

Tenure

 Kumar, aged 55, has been given a three-year term and will be eligible for an extension of up to two more years, following a performance review.

Context of Appointments

The top posts at PNB and Indian Bank became vacant after the tenures of Atul Kumar Goel and Shanti Lal Jain, respectively, ended on December 31, 2024. These leadership changes are part of the government’s ongoing efforts to strengthen the management of public sector banks, ensuring robust governance and strategic direction in India’s banking sector.

Summary of the news

Key Points	Details
Why in News	Ashok Chandra appointed as MD & CEO of Punjab National Bank, and Binod Kumar as MD & CEO of Indian Bank.
PNB New MD & CEO	Ashok Chandra (succeeding Atul Kumar Goel); tenure: 3 years.
Indian Bank New MD & CEO	Binod Kumar (succeeding S.L. Jain); tenure: 3 years, extendable by 2 years upon review.
Ashok Chandra’s Background	Former Executive Director at Canara Bank; expertise in digital banking, IT, MSME, and strategy.
Binod Kumar’s Background	Former Executive Director at PNB; served as Zonal Manager, Corporate Credit Head, and CEO of PNB Dubai Operations.
Previous PNB MD & CEO	Atul Kumar Goel (retired on December 31, 2024).
Previous Indian Bank MD & CEO	S.L. Jain (retired on December 31, 2024).
PNB Headquarters	New Delhi, India
Indian Bank Headquarters	Chennai, Tamil Nadu
PNB Tagline	“The Name You Can Bank Upon”
Indian Bank Tagline	“Your Own Bank”