FSIB recommends Ashok Chandra as next PNB managing director and CEO

Chandra began his banking career with Erstwhile Corporation Bank in September 1991 as a probationary officer. He holds a master's degree in economics

The Financial Services Institutions Bureau (FSIB) on Monday recommended Ashok Chandra for the position of managing director (MD) & chief executive officer (CEO) of Punjab National Bank (PNB).

 

Chandra is currently executive director (ED) at Canara Bank since November 21, 2022. The current MD & CEO of PNB, Atul Kumar Goel, is set to complete his tenure on December 31, 2024.

 

The FSIB issued a notification on August 1, 2024, inviting applications for the position. The deadline for submitting online applications was August 29.

 

Chandra started his banking career with the erstwhile Corporation Bank in September 1991 as a probationary officer. He holds a Masters degree in economics and is also a Certified Associate of the Indian Institute of Bankers.

 

Chandra has been the branch head of various demographics such as rural, urban and metro. He also headed zones / regions of the bank across the country.

 

On his elevation to general manager in 2018, he led the recovery, legal and stressed assets management vertical (SAMV) of the bank. He continued to work there till he became chief general manager at Union Bank of India in 2020.

 

FSIB, the head-hunter for directors of state-owned banks and financial institutions, sends its recommendation to the department of financial services (DFS) in the finance ministry. The DFS then forwards it to the appointments committee of the cabinet (ACC) chaired by the Prime Minister.

 

 After the ACC clears the appointment, the department of personnel & training (DoPT) notifies the name of the successful candidate.

 

The tenure for the post of PNB MD & CEO is three years, which may be extended based on performance. It is subject to the normal age of superannuation of 60 years and the provisions of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970 & 1980.

 

The post carries a pay scale of Rs 205,400-Rs 224,400, plus allowances as admissible to the chief executives of public sector banks, according to the FSIB notification.