Bank of India appoints M.R. Kumar as Non-Executive Chairman

by Psu Connect
Date: 22-02-24

Shri Kumar is a Science graduate from University of Madras. He has served as Chairman, LIC of India from March 2019 to March 2023. He joined LIC of India in 1983 as a Direct Recruit Officer.

Bank of India appoints M.R. Kumar as Non-Executive Chairman

New Delhi: On 21st February 2024, the Bank of India has appointed Shri M.R. Kumar as part time Non-Official Director as well as Non-Executive Chairman, on the Board of Bank of India, for a term of three years, from the date of notification, or until further orders, whichever is earlier.

Profile of Shri M.R.Kumar, Chairman — Bank of India

Shri M.R.Kumar has assumed charge as Non-Executive Chairman of Bank of India on 22.02.2024. Shri Kumar is a Science graduate from University of Madras. He has served as Chairman, LIC of India from March 2019 to March 2023. He joined LIC of India in 1983 as a Direct Recruit Officer. In a career spanning more than three and a half decades, he has had the unique privilege of heading three Zones of LIC of India, viz. Southern Zone, North Central Zone and Northern Zone, head quartered at Chennai, Kanpur and Delhi, respectively.

As an Executive Director, he headed the Personnel Department as well as the Pension and Group Insurance vertical of the Corporation. During his tenure, several initiatives were rolled out for the benefit of the employees. Moreover, working in different streams of life insurance management viz., administrative, marketing, group and social securities, has given him the twin advantages of enriched knowledge and clarity on processes and procedures in the life insurance industry.

In addition to being Chairman of LIC, he was also the Non-Executive Chairman of LIC Housing Finance Ltd., LIC Pension Fund Ltd, LIC Mutual Fund AMC Ltd., LIC Cards Services Ltd., IDBI Bank, LIC Singapore Pte. Ltd., LIC Lanka Ltd., LIC (International) BSC, Bahrain, LIC Nepal. Ltd. As Non-executive Chairman of IDBI Bank, he was involved in strategizing the turnaround of IDBI Bank from a loss making entity to profitable one.

He also held position as Director on the Board of Kenindia Assurance Co. Ltd, Kenya and ACC Ltd., India. He was also Chairman of the Governing Board of National Insurance Academy, President of Insurance Institute of India and Chairman of Council of Insurance Ombudsman.

Currently, he is Director on the Board of Ambuja Cements Ltd.