FSIB recommends Binod Kumar for post of Indian Bank MD & CEO

The Financial Services Institutions Bureau (FSIB) on Saturday recommended Binod Kumar for the post of Managing Director of Chennai-based Indian Bank. Kumar, who is serving as Executive Director of Punjab National Bank, will replace S L Jain on his superannuation next month.

Declaring the result of the selection process, the FSIB -- the headhunter for directors of state-owned banks and financial institutions -- in a statement said the bureau interviewed 15 candidates on Sunday.

"Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Binod Kumar for the position of MD & CEO in Indian Bank," it said.

Earlier in April, the bureau had selected Asheesh Pandey for the position but the Reserve Bank of India (RBI) had raised some reservation over his name.

Therefore, the bureau held a fresh interview to choose a new person in place of Pandey. The final decision on the FSIB recommendation would be taken by the appointments committee of the Cabinet headed by Prime Minister Narendra Modi.

FSIB is headed by former Department of Personnel and Training Secretary Bhanu Pratap Sharma. Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, the RBI's former executive director Deepak Singhal, and Shailendra Bhandari, ex-MD of erstwhile ING Vysya Bank.