Eight of FSIB’s Eleven ED Names Took Bank Chairs

8 of the 11 bankers on the Financial Services Institutions Bureau’s 2025-26 executive director panel took chairs at nationalised banks. FSIB had interviewed 80 officers between 19 July and 4 August 2025, then ranked eleven names “subject to availability of vacancies.”

Vacancies did the rest. Seven assumed charge on 24 November 2025. A eighth, Sushanta Kumar Mohanty, joined Bank of Maharashtra on 15 April 2026. Three names from the same merit list never appear as incumbents on the bureau’s board roster.

FSIB Ranked 11 Bankers After 80 Interviews

The bureau, set up to recommend whole-time directors for public sector banks, insurers and financial institutions, ran a two-and-a-half-week “interface” with officers already inside nationalised banks. Its public result, issued as FSIB No. S3506/08-02-004/2025-2026, listed the successful names in merit order and tied the panel to financial year 2025-26.

Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends the following candidates in the Panel for year 2025-26.

Financial Services Institutions Bureau, order-of-merit panel dated 4 August 2025

The order-of-merit panel dated 4 August 2025 named Amit Kumar Srivastava, E. Ratan Kumar, Amresh Prasad, Pramod Kumar Dwibedi, Sunil Kumar Chugh, Mini T. M., Prabhat Kiran, Sushanta Kumar Mohanty, Uday Sankar Majumder, Rajesh Kumar Singh and A. K. Vinod. Mini T. M. was the only woman on the list. The same notice said the panel would be operated “subject to availability of vacancies in the Panel Year 2025-26.”

Recommendation for the positions of Executive Directors in Nationalised Banks for Panel Year 2025-26. Official Announcement on https://t.co/AEcyakCCQ9 pic.twitter.com/pPd8NZHFgM

— Financial Services Institutions Bureau (@FSI_Bureau) August 4, 2025

That wording is the whole design. FSIB does not allot banks in the result. It builds a ranked bench. The Appointments Committee of the Cabinet clears names when a chair opens, and the Department of Financial Services issues the posting. A high rank is a ticket into that queue, not a key to a named office.

The 2025-26 bench was also larger than the round before it and smaller than the one before that. In July 2023 the bureau interviewed 72 officers and named 16 people for 2023-24. In June 2024 it interviewed 57 and named five for 2024-25, with Amit Kumar Srivastava again on the list. He had been sixteenth of sixteen in 2023, fifth of five in 2024, and first of eleven in 2025. The interviews keep happening. The chairs open on their own clock.

Seven Took Charge on 24 November 2025

After cabinet-level clearance, the Department of Financial Services posted seven of the eleven on 24 November 2025. Punjab National Bank told exchanges that Srivastava, until then its group chief risk officer, had assumed charge that day under notification eF.No.4/4(i)/2024-BO.I, for three years from assumption of office or until further orders, whichever is earlier. He started in 1994 as a management trainee in erstwhile Oriental Bank of Commerce and brought more than 31 years in branch banking, treasury and risk, including a stint as zonal manager at PNB’s Jodhpur zone.

The other six in that batch moved the same day. E. Ratan Kumar, a Central Bank of India chief general manager, became executive director at the same bank. Amresh Prasad, a PNB chief general manager, went to Union Bank of India. Pramod Kumar Dwibedi stayed at Bank of India. Sunil Kumar Chugh left PNB for Canara Bank. Mini T. M. left Bank of Baroda for Indian Bank. Prabhat Kiran left Canara Bank for Bank of Maharashtra. The ministry appointment notifications for bank boards record those seven postings under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

THE 24 NOVEMBER 2025 ED POSTINGS

Three of the seven stayed inside their own banks. Four crossed. FSIB’s roster lists most of that batch through 23 November 2028. Amresh Prasad’s line runs to 31 October 2028 and Dwibedi’s to 30 June 2028, dates that line up with turning 60 rather than with a second, shorter term.

Bank of Maharashtra Added a Second ED in April

Rank eight waited until spring. Sushanta Kumar Mohanty, 56, took charge as executive director of Bank of Maharashtra on 15 April 2026 for three years or until further orders. Bank of Baroda told exchanges he had ceased that day as chief general manager and head of treasury and global markets after being identified for the Maharashtra post.

He had joined Bank of Baroda as a probationary officer, later ran zones and a New York posting, and sat on the boards of Baroda U.P. Gramin Bank and FIMMDA. Bank of Maharashtra’s filing lists a B.Sc. and CAIIB and more than 30 years in treasury, international credit, retail and corporate operations, and forex. His FSIB roster line runs from 15 April 2026 to 14 April 2029.

Bank of Maharashtra had already taken Prabhat Kiran from the same panel in November. Two names from one eleven-person list now sit on the same board. That is what a vacancy queue looks like in practice: the bank that opens two chairs draws twice, and a name that sat at rank eight still arrives if a seat appears.

The Last Three Names Stayed Off the Roster

Ranks nine, ten and eleven do not appear as executive directors on the bureau’s live roster of whole-time directors. No Department of Financial Services notice in the same series posted them to a nationalised-bank board.

NAMES FROM THE PANEL WITH NO ED POSTING

• Uday Sankar Majumder: Rank nine, identified as a Canara Bank chief general manager and group chief risk officer when the panel was published; salary disclosures for 2025 still listed him in that Canara role.
• Rajesh Kumar Singh: Rank ten, identified as a Canara Bank chief general manager; he is not the Brajesh Kumar Singh who later became Canara Bank’s MD and CEO.
• A. K. Vinod: Rank eleven, identified as a Union Bank of India chief general manager, and absent from the incumbent ED table.

Canara Bank had already sent Prabhat Kiran to Bank of Maharashtra and received Sunil Kumar Chugh from PNB. Two of its other chief general managers stayed on the bench. Union Bank received Amresh Prasad from PNB in November and still had Vinod, its own rank-eleven name, waiting on the same list.

Merit order predicted the November batch with almost no noise: ranks one through seven moved together. Rank eight moved when Bank of Maharashtra opened again. Ranks nine through eleven ran out of 2025-26 chairs. The interview ranking was real. It was not a posting plan.

Punjab National Bank Placed Three in the Top Five

PNB put three chief general managers onto the eleven-name list, and all three sat in the first five ranks: Srivastava first, Prasad third, Chugh fifth. All three took chairs on 24 November 2025, one at PNB, one at Union Bank, one at Canara Bank. No other lender matched that haul. Canara Bank placed three names too, but they sat at seven, nine and ten, and only Kiran moved in the first batch.

Bank of Baroda placed Mini T. M. and Mohanty, both of whom left. Central Bank of India, Bank of India and Union Bank of India placed one name each. The 2025-26 panel was not a cross-section of all twelve public sector banks. It was a snapshot of which lenders had eligible chief general managers in the room, and which of those names survived two weeks of interviews.

Srivastava’s path is the clearest picture of how the queue treats even a strong internal candidate. He made the 2023-24 panel at the bottom, the 2024-25 panel in the middle, and the 2025-26 panel at the top, then walked into the PNB boardroom he already knew. A first-place rank in 2025 did not create a vacancy in 2023 or 2024. It met one in November 2025, after he had already been found fit twice.

Private-Sector Applicants Enter the Next ED Round

The same week Mohanty joined Bank of Maharashtra, FSIB opened the next round. On 17 April 2026 the bureau invited online applications for executive director posts in nationalised banks, with a close of 5:00 p.m. on 15 May 2026. Anticipated vacancies named in that drive included Indian Bank, Punjab National Bank, Union Bank of India and Bank of Baroda, plus any extra chairs that arose during 2026-27.

Those openings were already visible on the roster. Indian Bank’s extra ED line is listed vacant from 1 June 2026. Union Bank of India and Punjab National Bank each show an ED vacancy from 1 July 2026, even as Mini T. M., Amresh Prasad and Srivastava remain incumbents on other chairs at those banks. Large nationalised banks run more than one executive director. Filling one seat in November does not close the bank to the next panel.

FROM INTERFACE TO THE NEXT ADVERTISEMENT

1. 19 July 2025: FSIB begins interfacing 80 nationalised-bank officers for executive director posts.
2. 4 August 2025: The bureau publishes an 11-name merit panel for 2025-26, to be used only as vacancies arise.
3. October 2025: The Appointments Committee of the Cabinet clears revised appointment guidelines that open one executive director chair in a nationalised bank to all eligible candidates, including private-sector bankers.
4. 24 November 2025: Seven of the eleven assume charge after Department of Financial Services notifications.
5. 15 April 2026: Sushanta Kumar Mohanty assumes charge as Bank of Maharashtra’s second executive director from the same panel.
6. 17 April 2026: FSIB invites applications for 2026-27 executive director vacancies, with a 15 May 2026 close.

The October 2025 rules change the character of the next queue. The 2025-26 panel was an all-internal field of nationalised-bank chief general managers. The advertised 2026-27 round asks private-sector applicants for 18 years of work, 12 of them in banking, and three years at the highest level below the board. Career officers who spent a generation inside one balance sheet now share the interview room with people who did not. That is the objection that keeps surfacing among public-sector bankers: the chairs this panel just filled will not be reserved for the next CGM cohort in the same way.

FSIB still only recommends. Cabinet still clears. Finance still notifies. Eight names from the August list have a board seat and a three-year clock, or a clock that stops at 60. Three names from that list have a rank and no chair. The vacancies already posted for 2026-27 will be filled from a wider field than the one that produced them.

Frequently Asked Questions

What Is the Financial Services Institutions Bureau?

The Central Government constituted FSIB from 1 July 2022 under Resolution F.No. 14/1/2022-BO-I, and every asset, interest and liability of the Banks Board Bureau transferred to it that day. Its mandate is to recommend whole-time directors and non-executive chairpersons for public sector banks, public sector insurers and financial institutions, and to advise the government on board structure, appraisals, ethics, training and capital-raising at those bodies.

How Long Does a Nationalised Bank Executive Director Serve?

Department of Financial Services notices for this panel set a three-year term from the date of assuming charge, or until further orders, whichever is earlier, with superannuation at 60. FSIB’s roster shows younger 2025 appointees running to 23 November 2028, while Pramod Kumar Dwibedi’s line ends 30 June 2028 and Amresh Prasad’s on 31 October 2028, matching their 60th birthdays rather than a second, shorter appointment.

How Many Executive Directors Sit on a Nationalised Bank Board?

Revised appointment guidelines cleared in October 2025 provide for four executive directors in large nationalised banks and two in smaller lenders. They also open one executive director chair in a bank to every eligible candidate, including private-sector bankers, which is why a bank can take two names from one FSIB panel and still show a vacant ED line a few months later.

Can Private-Sector Bankers Apply for These ED Posts?

Yes. Private-sector applicants need at least 18 years of experience, including 12 years in banking and three years at the highest level below the board, held on a substantive basis, and they must file an organogram of that role. Nationalised-bank officers need four years of combined service as chief general manager and general manager until 2027-28, after which the bar becomes two years as chief general manager. Anyone serving as a chief vigilance officer is ineligible. The pay scale advertised for the 2026-27 round is ₹1,76,800 to ₹2,24,000 a month at Level 14A.