Binod Kumar Recommended as Indian Bank's New MD

The Financial Services Institutions Bureau has recommended Binod Kumar for the Managing Director position at Indian Bank, replacing S L Jain. Kumar, currently an executive director at Punjab National Bank, was chosen after interviews with fifteen candidates. The final decision rests with the Cabinet appointments committee.

The Financial Services Institutions Bureau (FSIB) has named Binod Kumar as its preferred candidate for the role of Managing Director of Chennai-based Indian Bank. Kumar, who currently holds the position of Executive Director at Punjab National Bank, is set to succeed S L Jain, who will retire next month.

The FSIB, serving as the official headhunter for directors in state-owned banks and financial bodies, revealed through a statement that Kumar was chosen from a pool of 15 applicants following interviews conducted on Sunday. His selection was based on performance metrics, comprehensive experience, and existing selection criteria.

In a previous selection round in April, Asheesh Pandey was initially chosen for the role, but concerns raised by the Reserve Bank of India led to the reopening of the selection process. The ultimate decision regarding Kumar's appointment will be made by the Cabinet's appointments committee, led by Prime Minister Narendra Modi.

(With inputs from agencies.)