Govt appoints Ashwani Kumar as UCO Bank MD & CEO

Tags: Economy/Finance Person in news

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ashwani Kumar, Executive Director, Indian Bank, as the Managing Director and CEO of UCO Bank.

An overview of the news

• Ashwini Kumar will replace Soma Shankar Prasad, who retired on May 31.

• The Center had appointed Prasad as the MD and CEO of UCO Bank in December 2021.

• Ashwani Kumar will head the public sector bank for a period ofthree years from June 1.

• According to an order issued by the Department of Personnel and Training, Kumar will also be eligible for extension of office for two years or until further orders, whichever is earlier, after review of his performance.

• Kumar, a Chartered Accountant, has served in various offices of five public sector banks - Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.

• His work experience includes working as the Head of the Wholesale Banking Division and several branches (including industrial finance branches).

About UCO Bank 

• UCO Bank is a leading public sector bank in India with a rich history dating back to 1943.

• It was established as the United Commercial Bank and later renamed UCO Bank in 1985.

• UCO Bank is a government-owned bank and operates under the administrative control of the Ministry of Finance, Government of India. 

• It is regulated by the Reserve Bank of India (RBI) and complies with banking regulations and guidelines.

•  UCO Bank has a widespread branch network across India, serving customers in both urban and rural areas.