Ashwani Kumar’s name has been recommended by FSIB, the headhunter for directors of state-owned banks and financial institutions, to be the next managing director and CEO of UCO Bank. He is currently the executive director of Indian Bank.

Soma Sankara Prasad, the current MD and CEO, will complete his tenure on 31 May. 

The Financial Services Institutions Bureau (FSIB) interviewed 11 candidates from various public sector banks (PSBs) for the forthcoming positions of MD & CEO in PSBs, the Bureau said in a statement.

Prior to joining Indian Bank, Kumar was serving as chief general manager of Mumbai Zone of Punjab National Bank (PNB).

"Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Ashwani Kumar for the position of MD & CEO in UCO Bank vice Soma Sankara Prasad who is completing his tenure on May 31, 2023," FSIB said.

The final decision on the FSIB 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.

Kumar has worked in five PSBs - Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, PNB and Indian Bank.