Ashok Chandra will replace Atul Kumar Goel as the managing director and CEO of Punjab National Bank.

Chandra, who is currently the executive director of Canara Bank, will take up his new role after Goel retires in December. 

After interviewing 16 candidates, FSIB, the headhunter for directors of state-owned banks and financial institutions, has recommended Chandra for the position of PNB chief.

The Financial Services Institutions Bureau (FSIB) said it interviewed 16 candidates for the position of MD & CEO of PNB.

"Keeping in view their performance in the interface, overall experience and the extant parameters, the bureau recommends Ashok Chandra for the position of MD and CEO in PNB," it added.

Goel will complete his tenure on 31 December 2024.

The final decision on FSIB's recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.

Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.

Chandra, who was made ED of Canara Bank on 21 November 2022, started his banking career with erstwhile Corporation Bank in 1991 as a probationary officer. He holds a Masters in Economics and is also a Certified Associate of Indian Institute of Bankers.

The tenure for the post of PNB MD & CEO is three years, which may be extended based on performance.