By Siddhi Nawar
In 2024, India’s financial sector witnessed significant leadership changes, marking a transformative period for the nation’s economic governance. In the public and private sector, the year was filled with transitions and progress across various levels, from payment corporations and payment banks to insurance companies.
State and RBI Appointments
On December 11, 2024, Sanjay Malhotra assumed the role of the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das. Prior to this appointment, Malhotra served as the Revenue Secretary of India from December 1, 2022, to December 11, 2024, and as the Financial Services Secretary from February 1, 2022, to November 30, 2022.
In the same month, on December 25, 2024, Arunish Chawla was appointed as the Revenue Secretary of India, a position that had been left vacant by the current Governor of RBI. Additionally, the Department of Financial Services saw a new leadership with Nagaraju Maddirala stepping in as Secretary.
At the RBI, the positions of Deputy Governors underwent a slight change in 2024.
T. Rabi Sankar, originally appointed as Deputy Governor in 2021, was reappointed for an additional one-year term in May 2024, reflecting the confidence in his leadership and expertise. Similarly, Michael Patra, who first assumed the role of Deputy Governor in 2020, was reappointed for a one-year term in January 2024, continuing his valuable contributions to the central bank’s policy formulation and operations.
The RBI also strengthened its executive team with the appointments of Shri Arnab Kumar Chowdhury and Smt. Charulatha S. Kar as Executive Directors. R. Lakshmi Kanth Rao was appointed as an Additional Director at the RBI, contributing to the bank’s strategic decision-making processes.
In the securities market, Ashish Kumar Chauhan took on the role of Managing Director and Chief Executive Officer of the National Stock Exchange (NSE), bringing his vast experience to one of India’s leading stock exchanges.
Key BFSI Appointments
In 2024, India’s banking and Insurance sector experienced a series of significant leadership appointments and reappointments, reflecting a commitment to stability and growth across various financial institutions.
State Bank of India (SBI)
In light of what became an eventful year in terms of banking and finance, SBI’s former chairperson, Dinesh Khara resigned, and was succeeded by Challa Sreenivasulu Setty (CS Setty) as the new SBI Chairman in August 2024. The country’s largest public sector lender, announced the appointment of Rama Mohan Rao as the new Managing Director, on December 18, for a period of three years, or until further notice.
HDFC Bank
Atanu Chakraborty was reappointed as Chairman of HDFC Bank, with his new term spanning from May 5, 2024, to May 4, 2027. He is currently a part-time chairman and independent director of HDFC Bank Limited.
ICICI Bank
The Reserve Bank of India approved the appointment of Pradeep Kumar Sinha as Part-time Chairman of ICICI Bank, effective July 1, 2024, for a three-year term. Sinha succeeded G. C. Chaturvedi, who retired as Non-Executive Part-time Chairman on June 30, 2024.
Life Insurance Corporation of India (LIC)
Siddhartha Mohanty was appointed as the Chief Executive Officer and Managing Director of LIC in May 2024. He was appointed chairperson of LIC in April 2023, with his term running until June 29, 2024. Afterward, Mohanty was set to assume the position of MD & CEO of the corporation for a term ending on June 7, 2025.
National Payments Corporation of India (NPCI)
National Payments Commission of India (NPCI) appointed Lalitha Nataraj as the Chief Executive Officer in March 2024. Among other transitions, NPCI’s former Chief Operating Officer Praveena Rai quit the body and joined as the Managing director and Chief Executive of Multi Commodity Exchange of India Limited (MCX) on October 31, 2024.
Federal Bank
Federal Bank’s Krishnan Venkat Subramanian was appointed as Managing Director & CEO of the bank for a three-year term starting September 23, 2024, succeeding former CEO Shyam Srinivasan, whose term ended on September 22, 2024.
RBL Bank
RBL Bank’s board of directors reappointed R Subramaniakumar as Managing Director and Chief Executive Officer for a three-year term starting June 23, 2025. Initially appointed in June 2022, Subramaniakumar became the second public sector banker, after Prashant Kumar, to lead a private sector bank, according to a report by Business Standard.
Indian Bank
Binod Kumar, currently the Executive Director at Punjab National Bank (PNB), has been recommended by the Financial Services Institutions Bureau (FSIB) for the role of Managing Director and Chief Executive Officer (MD & CEO) of Indian Bank. He will succeed S L Jain, who is set to retire next month.
Other Noteworthy Appointments
In April, Subhasri Sriram assumed the role of Managing Director and Chief Executive Officer at Shriram Capital in April 2024.
In June 2024, Deepak Sood was appointed as the Whole-Time Member (Non-Life) of the Insurance Regulatory and Development Authority of India (IRDAI).
Naveen Chandra Jha was appointed as the Managing Director and Chief Executive Officer of SBI General Insurance in August 2024.
In September, Sandeep Batra assumed the position of Chairman at ICICI Prudential Life Insurance Company.
Sajiv Aggarwal was appointed as the Chief Executive Officer and Managing Director of NIIFL in October 2024. In the same month, The Reserve Bank of India approved the appointment of Partha Pratim Sengupta as the new CEO and Managing Director of Bandhan Bank.
