The Appointments Committee of the Cabinet (ACC) has approved the Department of Financial Services' proposal to appoint Ashok Chandra, Executive Director at Canara Bank, as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) for a three-year term.

His tenure will commence upon assuming office and will continue until further notice, whichever comes first. The government has now issued an official notice following the earlier recommendation from the Financial Services Institutions Bureau (FSIB).

In a similar decision, the ACC also approved the appointment of Binod Kumar, Executive Director at PNB, as MD and CEO of Indian Bank. He will also be eligible for a two-year extension after a performance review or until further notice, whichever is earlier.

The FSIB, which conducted the selection process, interviewed 15 candidates and recommended Binod Kumar based on his performance, experience, and other criteria.

The FSIB had initially selected Asheesh Pandey for the Indian Bank position in April, but the Reserve Bank of India raised concerns about his appointment. As a result, the FSIB held a fresh interview and appointed Binod Kumar instead.

Chandra's banking career began in 1991 when he joined Corporation Bank as a Probationary Officer. He holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers.

The FSIB conducted interviews with 16 candidates for the position of PNB MD & CEO. The panel is chaired by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training, and includes members such as Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.