The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra for the role of managing director (MD) and chief executive officer (CEO) of Punjab National Bank (PNB) on Monday.
Chandra currently serves as executive director (ED) at Canara Bank, a position he has held since November 21, 2022. The existing MD and CEO of PNB, Atul Kumar Goel, is set to conclude his term on December 31, 2024.
On August 1, 2024, the FSIB issued a notification inviting applications for the position, with the deadline for submitting online applications set for August 29.
Beginning his banking career as a probationary officer at the former Corporation Bank in September 1991, Chandra holds a master’s degree in economics and is a Certified Associate of the Indian Institute of Bankers.
He has led branches in various sectors, including rural, urban, and metropolitan areas, and has overseen multiple zones and regions of the bank nationwide.
Upon his promotion to general manager in 2018, he managed the recovery, legal, and stressed assets management vertical (SAMV) of the bank until he became the chief general manager at Union Bank of India in 2020.
As the head-hunter for directors of state-owned banks and financial institutions, FSIB forwards its recommendations to the Department of Financial Services (DFS) within the finance ministry, which then passes them to the Appointments Committee of the Cabinet (ACC) chaired by the Prime Minister.
Once the Appointments Committee of the Cabinet (ACC) approves the appointment, the Department of Personnel and Training (DoPT) will announce the name of the selected candidate.
The tenure for the position of MD and CEO of PNB is set at three years, with the possibility of extension based on performance. The appointment is also subject to the standard retirement age of 60 years and the regulations outlined in the Nationalised Banks (Management and Miscellaneous Provisions) Schemes of 1970 and 1980.
According to the FSIB notification, the position offers a pay scale ranging from Rs 205,400 to Rs 224,400, along with allowances applicable to chief executives of public sector banks.