Asheesh Pandey, Kalyan Kumar recommended to head UBI, Central Bank

FSIB interviews 23 candidates and recommends Asheesh Pandey for UBI and Kalyan Kumar for Central Bank; final nod awaits approval by Appointments Committee of the Cabinet

The Financial Services Institutions Bureau (FSIB) on Friday recommended Asheesh Pandey for the position of Managing Director and Chief Executive Officer of Union Bank of India, and Kalyan Kumar for the post of MD and CEO of Central Bank of India.

 

‘Recommendation for the position of MD and CEO in PSBs 2025–26: Financial Services Institutions Bureau interfaced with 23 candidates from various public sector banks between May 27 and May 30, 2025,’ said the FSIB in its statement.

 

Earlier, Business Standard reported that UBI MD and CEO A Manimekhalai is unlikely to get an extension. Although Manimekhalai’s tenure ends on June 2, her actual retirement is due in March 2026.

 

In January 2022, Asheesh Pandey assumed charge as Executive Director (ED) of the Pune-based Bank of Maharashtra (BoM). Prior to joining BoM, Pandey was Chief General Manager and Chief Operations Officer (COO) at Union Bank of India (UBI).

 

Last year, the bureau had selected Pandey for the position, but the Reserve Bank of India (RBI) had raised some reservations over his name. Therefore, the bureau held a fresh interview to choose a new candidate in place of Pandey. 

 

The final decision on the FSIB recommendation will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

 

The current MD and CEO of Central Bank of India, M V Rao, is set to retire on July 31, 2025. He will be succeeded by Kalyan Kumar, who has been serving as Executive Director at Punjab National Bank since October 2021. Kumar holds a postgraduate degree in science from Rajendra Prasad Agriculture University, Pusa. He is also a Certified Associate of the Indian Institute of Bankers (CAIIB) and has earned multiple certifications from the Indian Institute of Banking and Finance (IIBF) in areas such as trade finance, SME finance, IT security, and KYC–AML compliance.

 

He is leading the bank’s vision and strategy for overall business growth through digital transformation, strategic management, economic advisory, data analytics and information technology excellence. He directed the HR transformation initiative, ‘PNB Udaan’, which provides clarity of roles and expectations for each employee, with well-defined and measurable KRAs. He also spearheads the Business Acquisition and Relationship Division, focusing on driving growth in CASA and marketing both asset and liability products, including credit cards. Shri Kumar also led the Wealth Management vertical of the bank, with a focus on increasing fee-based income through third-party products.

 

The FSIB, the head-hunter for directors of state-owned banks and other financial institutions, sends its recommendations to the Department of Financial Services, which is part of the finance ministry. The department forwards these to the Appointments Committee of the Cabinet (ACC). After the ACC clears the appointments, the Department of Personnel and Training (DoPT) notifies the names of the selected candidates.