Indian Bank Shares Soar as FSIB Picks Binod Kumar for MD & CEO Role

25 Nov 2024 , 09:01 PM

Indian Bank shares have surged on the back of a recommendation by the Financial Services Institutions Bureau (FSIB) for Binod Kumar as the next Managing Director and CEO. In the National Stock Exchange, shares of Indian Bank closed at ₹561.75 on November 25, 2024, which is a 5.67% gain than the previous close.

Binod Kumar, who is the Executive Director at Punjab National Bank, is to take SL Jain’s place. Jain will retire next month. The FSIB shortlisted Kumar from a pool of 15 candidates on the basis of their performance, experience and established criteria. The FSIB has said that the nomination of Kumar meets all the demands for the MD & CEO position in Indian Bank.

It was on Asheesh Pandey, the nominee earlier, that the RBI had flagged certain objections that prompted FSIB to re-initiate the selection. Now, Kumar’s appointment awaits final approval by the Appointments Committee of the Cabinet led by Prime Minister Narendra Modi.

The FSIB committee is headed by former Secretary, Department of Personnel and Training Bhanu Pratap Sharma and other experts from the financial sector.