Indian banks set for fresh leadership in the new year

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Several state-run banks and financial companies in India are set to welcome new leadership in the new year, according to a recent report by Business Standard. The change in top leadership is expected to occur in the first quarter of the financial year, with several public sector banks, including Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India, set to get new chiefs.

State Bank of India is also expected to appoint a new Chairman, with current Managing Director C S Setty likely to replace incumbent chairman Dinesh Khara. Other leadership changes include the retirement of L V Prabhakar, Managing Director and CEO of Canara Bank, who will be replaced by Executive Director K Satyanarayana Raju. IOB Managing Director and CEO Partha Pratim Sengupta and BoB Managing Director and CEO Sanjiv Chaddha will also demit office on December 31, 2022 and January 31, 2023, respectively. Bank of India’s Managing Director and CEO will retire on January 20, 2023. Additionally, the term of the current chairman of the Life Insurance Corporation of India (LIC), MR Kumar, will end in March of this year.