Indian Banking Leadership Reshuffle November-December 2025

NEW DELHI — December 24, 2025 — The Indian financial landscape has witnessed a seismic shift over the last 60 days. In a series of high-stakes announcements, the Government of India has overhauled the leadership at the nation's biggest banks. These winter appointments bring in a fresh wave of digital-first leaders to steer India’s economy into 2026.

The Power Shift: Top MD & CEO Appointments

Canara Bank’s Future Chief: Shri Brajesh Kumar Singh
- New Role: Recommended as MD & CEO, Canara Bank (To take charge Jan 1, 2026).
- The Profile: Currently the Executive Director at Indian Bank, Shri Singh was officially recommended by the FSIB on December 22, 2025. He is set to succeed Shri K. Satyanarayana Raju, who retires on December 31, 2025. With nearly 30 years of experience, including a stint as CGM at Bank of Baroda, Singh is expected to lead Canara Bank's next phase of digital expansion.
Union Bank’s New Pilot: Shri Asheesh Pandey
- New Role: MD & CEO, Union Bank of India (Effective Sept 30, 2025).
- The Profile: Formerly Executive Director at Bank of Maharashtra, Pandey is a "Tech-Savvy" leader with over 27 years of experience. He is the mastermind credited with leading the digital transformation and the historic tech-integration during Union Bank's major amalgamations.
Central Bank’s Strategic Choice: Shri Kalyan Kumar
- New Role: MD & CEO, Central Bank of India (Effective Sept 30, 2025).
- The Profile: Stepping in from PNB, Shri Kalyan Kumar succeeds M.V. Rao. Known for his expertise in ESG (Environmental, Social, and Governance) through the "PNB Palaash" initiative, his mission is to modernize the bank's credit profile for the digital age.

The Regulatory & Insurance Giants

RBI’s New Second-in-Command: Shri Shirish Chandra Murmu
- New Role: Deputy Governor, Reserve Bank of India (Effective Oct 9, 2025).
- The Profile: A career central banker with 33+ years at the RBI, Shri S.C. Murmu has been elevated from Executive Director. He now oversees the critical departments of Banking Regulation and Supervision, making him one of the most powerful regulators in the country.
LIC’s Investment Mastermind: Shri R. Chander
- New Role: Managing Director, LIC of India (Effective Dec 1, 2025).
- The Profile: Formerly the Chief Investment Officer (CIO), Shri Chander has managed one of India's largest investment portfolios. His elevation to MD signals LIC’s intense focus on market returns and financial resilience.

The New Boardroom Faces: Executive Director (ED) Promotions

In late November 2025, the Appointments Committee of the Cabinet (ACC) cleared a massive list of promotions for the "Senior Management" tier:

Shri Amit Kumar Srivastava (PNB): A risk-management veteran with 31 years of experience, he assumed charge as ED at Punjab National Bank on Nov 24, 2025.
Ms. Mini T. M. (Indian Bank): A senior leader from Bank of Baroda with over 31 years in banking, she assumed charge as ED at Indian Bank on Nov 24, 2025.
Shri Amresh Prasad (Union Bank): A credit management expert from PNB, now serving as ED at Union Bank of India.
Shri Sunil Kumar Chugh (Canara Bank): A digital banking specialist from PNB, now leading as ED at Canara Bank.
Shri Prabhat Kiran (Bank of Maharashtra): Formerly CGM at Canara Bank, now elevated to ED at Bank of Maharashtra.

Quick Snapshot: Winter 2025 Appointments

Canara Bank MD & CEO (Designate): Shri Brajesh Kumar Singh (Effective Jan 1, 2026).
RBI Deputy Governor: Shri Shirish Chandra Murmu (Effective Oct 9).
Union Bank MD & CEO: Shri Asheesh Pandey (Effective Sept 30).
Central Bank MD & CEO: Shri Kalyan Kumar (Effective Sept 30).
LIC Managing Director: Shri R. Chander (Effective Dec 1).
PNB Executive Director: Shri Amit Kumar Srivastava (Effective Nov 24).