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M. R. Kumar after having assumed the role of Non-Executive Chairman, chaired the Board meeting on 29 February, 2024. Kumar will be responsible for overseeing the overall growth trajectory of the bank.

A science graduate from the University of Madras, the industry veteran, currently also serves on the board of directors at Ambuja Cements Ltd.

He joined the Life Insurance Corporation of India in 1983 and had the unique privilege of heading its three zones. He also served as the Chairman of LIC India from 2019 to March 2023.

Kumar was also instrumental in transforming the IDBI bank from a loss-making entity to a profitable one, during his tenure as the Non-Executive Chairman of the bank.

He has also served as a Director on the Boards of Kenindia Assurance Co. Ltd, Kenya, and ACC Ltd, India and played key roles in insurance and banking organizations.

In addition to this, the Bank of India has also announced the appointment of Rajiv Mishra as the Executive Director.

Bringing a wealth of 24 years of experience, Rajiv Mishra, who is a BE, MBA graduate and a Certified Associate of both the Indian Institute of Bankers and the Insurance Institute of India has a comprehensive background in Digital, Analytics & IT, Retail and MSME Credit, Large Corporates, Recovery, and Treasury.

His pivotal role in leading Union Bank of India’s digital transformation, highlighted by the launch of the VYOM mobile app, underlines his innovative approach and commitment to advancing banking technologies, the bank said.

Mishra has also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services Ltd.

In Bank of India, Mishra will assume a pivotal role in managing stressed asset resolution and recovery, including policy matters.

His purview extends to critical areas such as Information Technology, Digital Banking Department (including Transaction Banking), Digital Analytics, Digital Lending Department, and General Operations, which encompasses Centralized Back Office and Rajbhasha.

  • Published On Mar 5, 2024 at 02:47 PM IST

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