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ACC Approved Appointments of M R Kumar, Aravamudan Krishna Kumar & Srinivasan Sridhar as Chairmen of 3 PSBs

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Ex-LIC chief, former SBI MD among 3 new PSB chairmenThe Appointment Committee of the Cabinet (ACC) approved the appointments of the following individuals as part-time non-official Directors and non-executive Chairmen of 3 Public Sector Banks (PSBs):

i.M R Kumar, Former Chairman of Life Insurance Corporation (LIC) of India appointed to the Board of Bank of India (BOI).

ii.Aravamudan Krishna Kumar, Former Managing Director (MD) of the State Bank of India (SBI) appointed to the Board of UCO Bank.

iii.Srinivasan Sridhar, Director of Bank of Baroda (BOB) appointed to the Board of Indian Overseas Bank (IOB).

Note: Aravamudan Krishna Kumar is also one of the Independent Directors on the board of Suraksha Asset Reconstruction Limited (Suraksha ARC) (Formerly known as Suraksha Asset Reconstruction Private Limited.

Terms and Conditions:

i.The terms of appointments specify that these individuals will serve a 3-year term, from the date of notification, or until further orders, whichever is earlier.

ii.The appointments are subject to specific conditions, including the resignation of:

  • Srinivasan Sridhar from the board of BOB; and
  • Aravamudan Krishna Kumar from the board of Suraksha ARC.

About M R Kumar:

i.M R Kumar assumed charge as Non-Executive Chairman of Bank of India on 22 February 2024.

ii.He joined LIC of India in 1983 as a Direct Recruit Officer. In 2019, he took charge as Chairman of LIC of India and completed his term in March 2023.

iii.Currently, he is also a Non-Executive, Non-Independent Director on the Board of Ambuja Cements Ltd. since 2022.

About Aravamudan Krishna Kumar:

i.He joined SBI as a Probationary Officer (PO) in 1975. He was elevated to MD & Group Executive in 2011 and superannuated as MD in 2014.

ii.Currently, he is also a professional/independent Director on the Board of SBI Payment Services Private Limited, Sathguru Catalyser Advisors Private Limited, etc.

iii.He will be the first Chairman of UCO Bank since the Chairman and MD’s post was split in PSBs in 2015.

About Srinivasan Sridhar:

i.Srinivasan Sridhar joined Indian Overseas Bank as part-time Non-Official Director as well as Non-Executive Chairman w.e.f 21 February 2024.

  • He was on the board of BOB as a Shareholder Director from 2018 till his resignation in February 2024.

ii.He was with Citigroup and held various roles during his 28-year career from 1984 – 2012.

iii.In 2013, he joined Oliver Wyman, a leading global management consulting firm, and retired as Partner and India Head in Mumbai (Maharashtra) in 2015.

  • Since 2015 he has been with Oliver Wyman as Senior Advisor.

About Bank of India (BOI):
MD & CEO– Rajneesh Karnatak
Headquarters– Mumbai, Maharashtra
Established on– 1906
Tagline– Relationship Beyond Banking

About Bank of Baroda (BOB):
MD & CEO–  Debadatta Chand
Headquarters– Vadodara, Gujarat (Head office); Mumbai, Maharashtra (Corporate centre)
Established on– 1908
Tagline– India’s International Bank
Vijaya Bank and Dena Bank were merged with BOB on 1 April 2019.

About UCO Bank:
MD & CEO– Ashwani Kumar
Headquarters– Kolkata, West Bengal
Established in– 1943
Tagline– Honours your Trust