Indian Banks' Association to choose New CEO, Atul Kumar Goel tops the race

To appoint new CEO, a three-member search committee was formed including CS Setty, chairman of State Bank of India (SBI); MV Rao, CEO of Central Bank of India; and N Kamakodi, CEO of City Union Bank

The Indian Banks’ Association (IBA) has begun the process of finding a new chief executive officer (CEO), four months after the retirement of its former CEO Sunil Mehta, in September 2024, according to a report by The Economic Times. Mehta stepped down after reaching the maximum permissible age of 65.

 

To identify a suitable successor, a three-member search committee was formed earlier this month. The committee includes CS Setty, chairman of the State Bank of India (SBI), MV Rao, CEO of Central Bank of India, and N Kamakodi, CEO of City Union Bank.

 

“The committee aims to finalise the new CEO by the end of this month, as the position has remained vacant for some time,” a source familiar with the matter told The Economic Times.

 

According to the report, former Punjab National Bank (PNB) CEO Atul Kumar Goel, who retired in December, is considered the top candidate for the role. “It is widely believed that Goel will take over as the IBA CEO. However, two other recently retired public sector bankers, former Indian Bank CEO SL Jain and former SBI MD Alok Choudhary, are also in consideration,” added another source. Choudhary retired in June 2024, while Jain stepped down in December 2024.

 

The CEO of the 78-year-old banking lobby group has traditionally been chosen from the public sector. The IBA represents public and private sector banks, foreign banks, urban co-operative banks, asset reconstruction companies, and credit rating agencies.

 

Currently, Central Bank’s MV Rao serves as the chairman of the IBA, with SBI’s Setty and City Union Bank’s Kamakodi as deputy chairmen. The group has yet to hold its annual general meeting (AGM) for the current fiscal year.

 

A new managing committee is expected to be formed once the CEO is appointed. The IBA has not commented on the developments yet. Updates will be provided as more information becomes available.