The Indian financial sector anticipates a significant leadership transformation in 2024, with nearly a dozen banks and non-banking finance companies (NBFCs) poised to welcome new chief executive officers (CEOs).
State Bank of India Chairman Dinesh Khara, granted an extension in 2023, will conclude his term in August next year. Atul Kumar Goel, CEO of Punjab National Bank and S L Jain, CEO of Indian Bank will see their terms conclude at the end of December 2024.
In the private sector, Kotak Mahindra Bank prepares for a change with Ashok Vaswani set to assume the role of MD and CEO in January 2024. DCB Bank, Federal Bank, Jammu & Kashmir Bank, Tamilnad Mercantile Bank, and Dhanlaxmi Bank are also part of this anticipated reshuffle, with new leadership expected in the coming year.
Additionally, non-banking finance companies L&T Finance Holdings and Mahindra & Mahindra Finance are set for leadership transitions. Sudipta Roy will take over from Dinanath Dubhashi as MD and CEO of L&T Finance Holdings in January, while Raul Rebello is slated to succeed Ramesh Iyer at Mahindra Finance in April.
RBI changes
This shake-up extends to the monetary policy landscape, as a revamped monetary policy committee (MPC) of the Reserve Bank of India (RBI) is also on the horizon.
RBI Governor Shaktikanta Das, who also chairs the MPC, is set to conclude his six-year term in December 2024. Having first assumed office in December 2018, Das secured a reappointment in 2021 for an additional three years. If extended further, he would become the longest-serving RBI governor in almost seven decades. The decision to extend his term rests with the new government expected to form in May.
In tandem with Das, Michael Patra, the RBI deputy governor overseeing monetary policy, faces the conclusion of his current term in January 2024. The government granted him a one-year extension in January 2023. Additionally, Deputy Governor M Rajeshwar Rao’s term concludes in October next year, following a one-year extension granted in October 2023.
The MPC will witness changes in its external members, with Ashima Goyal, Jayanth Varma, and Shashanka Bhide completing their non-extendable four-year terms in October 2024.
