Bank of India Strengthens its Leadership through Appointment of M R Kumar and Rajiv Mishra

· Shri Kumar appointed as Non-Executive Chairman and Shri Mishra as Executive Director

Bengaluru, March 05, 2024: Shri M. R. Kumar after having assumed the role of Non-Executive Chairman, chaired the Board meeting on February 29, 2024.

In Bank of India Shri M. R. Kumar will be responsible for overseeing the overall growth trajectory of the bank.

Shri Kumar, a science graduate from the University of Madras, 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: the southern zone in Chennai, the north central zone in Kanpur, and the northern zone in Delhi. He also served as the Chairman of LIC India from 2019 to March 2023. In his tenure as the Non-Executive Chairman of IDBI Bank, Kumar was instrumental in transforming the bank from a loss-making entity to a profitable one.

Kumar also served as a Director on the Boards of Kenindia Assurance Co. Ltd, Kenya, and ACC Ltd., India. His leadership acumen was further demonstrated through his tenure as Chairman of the Governing Board at the National Insurance Academy, alongside serving as President of the Insurance Institute of India, and as Chairman of the Council of Insurance Ombudsman, showcasing his significant contributions to the insurance and banking sectors.

The Bank of India is also pleased to announce the appointment of Shri Rajiv Mishra as the Executive Director.

Bringing a wealth of 24 years of experience, Shri 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 a comprehensive background in Digital, Analytics & IT, Retail and MSME Credit, Large Corporates, Recovery, and Treasury. His pivotal role in leading Union Bank of India’s digital transformation, highlighted by the launch of the VYOM mobile app, underlines his innovative approach and commitment to advancing banking technologies. Mishra has also served on the boards of Kashi Gomti Samyut Gramin Bank in Varanasi, and UBI Services Ltd.

In Bank of India Shri Rajiv Mishra will assume a pivotal role in managing stressed asset resolution and recovery, including policy matters. His purview extends to critical areas such as Information Technology, Digital Banking Department (including Transaction Banking), Digital Analytics, Digital Lending Department, and General Operations, which encompasses Centralized Back Office and Rajbhasha.

These strategic appointments underscore the Bank of India’s commitment to strengthening its leadership framework, ensuring a robust strategy for growth and innovation in the banking sector.