Government names Asheesh Pandey as Union Bank chief, Kalyan Kumar to head Central Bank; Murmu appointed RBI deputy governor

The government has approved key appointments in the banking sector, naming Asheesh Pandey as Managing Director and Chief Executive Officer of Union Bank of India and Kalyan Kumar as the new head of Central Bank of India. The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, cleared both appointments for an initial three-year term, reported by IANS.

Union Bank to be led by Asheesh Pandey

Pandey, who is currently Executive Director at Bank of Maharashtra, will take charge as MD and CEO of Union Bank of India once he formally assumes office. With over three decades of experience in banking, Pandey has worked across retail, corporate and international banking, bringing a wide range of expertise to one of India’s largest public sector lenders.

Add Zee Business as a Preferred Source

Kalyan Kumar to succeed M V Rao

At Central Bank of India, Kalyan Kumar, Executive Director of Punjab National Bank, has been appointed to lead the state-owned lender. He will take over from M V Rao, whose tenure concludes with his superannuation in July 2026.

FSIB recommendations in May

Both appointments were based on recommendations made by the Financial Services Institutions Bureau (FSIB) on May 30. The FSIB, chaired by former Department of Personnel and Training Secretary Bhanu Pratap Sharma, serves as the government’s selection body for leadership roles in state-owned financial entities. Other members include former Oriental Bank of Commerce chief Animesh Chauhan, ex-RBI Executive Director Deepak Singhal, and Shailendra Bhandari, former MD of ING Vysya Bank.

Murmu to take charge as RBI Deputy Governor

In a parallel development, the government has appointed Shirish Chandra Murmu as Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, effective October 9. He will replace M Rajeshwar Rao, whose extended service ends on October 8 after five years in the post.

Murmu, currently Executive Director at the RBI overseeing the Department of Supervision, will join the central bank’s top management team comprising Deputy Governors Swaminathan J, Poonam Gupta, and T Rabi Sankar. His appointment also ensures compliance with the statutory requirement of four Deputy Governors: one from commercial banking, two from within the RBI, and one economist.