In a significant move within India's banking sector, the Central Government has appointed Shri Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). This appointment is effective from January 16, 2025, as per the official Gazette Notification (eF. No. 4/4/(i)/2023-BO.I) dated January 16, 2025.

Key Details of the Appointment

Shri Ashok Chandra, who was serving as the Executive Director at Canara Bank, will now take on the prestigious role of Managing Director and CEO of PNB. His new appointment is for a three-year term, which will commence from the date he assumes office at PNB or until further orders.

This change in leadership comes as part of the Central Government’s decision to bring in experienced bankers to lead the nation’s financial institutions.

Impact on Canara Bank

Effective from January 16, 2025, Ashok Chandra will cease to hold his position as the Executive Director of Canara Bank. The SEBI (LODR) Regulations, 2015 require public disclosure of such changes, and Canara Bank has duly informed the BSE and National Stock Exchange of India Ltd (NSE) regarding this leadership transition.

Appointment and Cessation Details

The appointment of Ashok Chandra at Punjab National Bank marks a pivotal shift in the leadership of both banks. Here are the key points of the announcement:

1. Reason for Change: The Central Government appointed Ashok Chandra as MD & CEO of PNB, effective January 16, 2025.
2. Date of Appointment: The appointment is effective from January 16, 2025.
3. Cessation of Role: Ashok Chandra ceases to be the Executive Director at Canara Bank from the same date.

SEBI Disclosure and Transparency

In line with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Canara Bank has promptly disclosed the change in Ashok Chandra’s role to the stock exchanges. This ensures transparency and compliance with regulatory frameworks.

About Ashok Chandra

Ashok Chandra brings with him a wealth of experience in the banking and financial sector. He has contributed significantly to Canara Bank’s strategic initiatives during his tenure. His appointment as MD and CEO of Punjab National Bank is expected to bring fresh insights and leadership to the bank, steering it toward greater success and innovation.

Future Prospects

The appointment of Ashok Chandra is expected to have a positive impact on the future of Punjab National Bank, driving growth and operational excellence.

For more Real-time Updates, visit https://financesaathi.com.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

The Upcoming IPOs in this week and coming weeks are  EMA Partners, and Capital Numbers.

The Current active IPO are  Stallion India, Land Immigration, Kabra Jewels and Rikhav Securities.