By THE NEWSMAN OF INDIA.COM |The government has cleared the appointments of Asheesh Pandey as Managing Director and CEO of Union Bank of India and Kalyan Kumar as Managing Director and CEO of Central Bank of India for a term of three years. The Appointments Committee of the Cabinet, chaired by the Prime Minister, approved the appointments, sources confirmed.

Pandey, who is currently serving as Executive Director of Bank of Maharashtra, will take charge as MD & CEO of Union Bank of India upon assuming office. Kumar, Executive Director at Punjab National Bank, will succeed M V Rao at Central Bank of India following Rao’s superannuation in July.

The Financial Services Institutions Bureau (FSIB) had earlier, on May 30, recommended both Pandey and Kumar for their respective positions. The Bureau, headed by former DoPT Secretary Bhanu Pratap Sharma, plays a pivotal role in selecting leadership for state-run financial institutions. Its members include Animesh Chauhan, former CMD of Oriental Bank of Commerce; Deepak Singhal, former Executive Director of the RBI; and Shailendra Bhandari, former MD of ING Vysya Bank.

The appointments come at a time when public sector banks are undergoing digital transformation, expanding credit growth, and strengthening their balance sheets. The leadership of Pandey and Kumar is expected to steer Union Bank of India and Central Bank of India through the next phase of growth and competitiveness.