Mr. Kumar after assuming 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 of 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 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 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 an extensive background in Digital, Analytics & IT, Retail and MSME. Credit, Large Companies, Recovery and Treasury.
His pivotal role in leading Union Bank of India’s digital transformation, highlighted by the launch of the VYOM mobile app, underscores his innovative approach and commitment to advancing banking technologies, the bank said.
Mishra also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services Ltd.
At Bank of India, Mishra will assume a pivotal role in managing stressed asset resolution and recovery, including policy matters.
His area extends to critical areas such as Information Technology, Digital Banking Department (including Transaction Banking), Digital Analytics, Digital Loan Department, and General Operations, which includes Centralized Back Office and Rajbhasha.