Board of Directors
Constitution
The Constitution of the Board of the Bank is governed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of "The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970".
Composition
The Composition of the Board of Directors of a Bank is governed by "The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970" read with "The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006" and amendment vide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.
Contribution
In terms of The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, the General Superintendence, Direction and Management of the affairs and business of the Bank vests in the Board of Directors which is entitled to exercise all such powers and do all such acts and things as the Bank is authorized to exercise and do.
Strength of the Board
Presently, there are 06 Directors on the Board of the Bank. Brief Particulars of each of the directors are placed below.
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Shri Karnam Sekar
MD & CEO
DOB: 01.07.1960
Mr. Karnam Sekar is appointed as Managing Director & Chief Executive Officer in Indian Overseas Bank with effect from 01.07.2019 and as an Officer on Special Duty and Whole Time Director in IOB from 01.04.2019 to 30.06.2019. Prior to his joining as Officer on Special Duty and Whole Time Director in IOB on 01.04.2019, he was MD & CEO in Dena Bank from 21.09.2018. Prior to that, he was Deputy Managing Director and Chief Credit Officer in State Bank of India heading its Highest Credit Committee. In SBI, he was also responsible for formulating loan policy of the Bank.
Mr. Sekar joined State Bank of India as Probationary officer on 9th December, 1983. His experience in SBI has been in Credit & Branch Operations. He worked in various geographies including the North Eastern part of the Country. His earlier assignments include, the Branch Manager of the Corporate Accounts Group Branch, Mumbai (which was the largest Branch in the Bank in terms of the volume of business), and Manager (Treasury) at SBI Johannesburg, South Africa. Before his elevation as Deputy Managing Director in SBI, he was working as Chief General Manager in Lucknow Circle which has more than 1600 Branches, and more than 16000 employees.
Shri Ajay Kumar Srivastava
Executive Director
DOB: 15.10.1967
Qualification: B.Sc. (Hons), CAIIB Part I
Shri Ajay Kumar Srivastava has assumed Office as Executive Director of Indian Overseas Bank on 9th October 2017. Prior to this he was working as Field General Manager- Delhi with Allahabad Bank.
He started his banking career as Probationary Officer in 1991with Allahabad Bank and during his banking career spanning over 27 years, he has worked in various capacities in different parts of the country which include Field as well as Administrative Offices. He is an astute and hardcore banker with vast field level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat and Delhi. He has been instrumental in bringing positive structural and cultural changes and took many new initiatives while heading different verticals in the field. Mr Srivastava has undergone some very prestigious training programmes both in India and abroad.
In Indian Overseas Bank his portfolio includes Agriculture & Rural Initiatives, Retail Banking, Credit Support Services, Credit Monitoring, Treasury-Domestic & Foreign, Operations, International Banking, Planning, Board Services, Law, Compliance, Inspection, Credit Card and Official Language Department. Apart from this, Mumbai, Kolkata & Hyderabad Zones have been allotted to him for monitoring their growth, control and overall management.
Ms. Annie George Mathew
Additional Secretary (Pers), Department of Expenditure
Ministry of Finance, Government of India
Nominated by GOI on: 22.07.2016 and will continue until further orders.
Shri Deepak Kumar
DOB: 01.08.1964
Qualification: MA (Economics), Ph. D,
Post Graduate Diploma in International Marketing, CAIIB
Nominated by GOI: 18.09.2019
Date of Expiry of the Current term: Until Further Orders
Shri Deepak Kumar, joined Reserve Bank of India in September 1990 and currently posted as Chief General Manager, Department of Information Technology, RBI, Mumbai. He is a Post Graduate in Economics and has obtained Ph.D on the subject ‘Impact of Computerisation on Banking Industry during Nineties- an Evaluation’. He has done Post Graduate Diploma in International Marketing from Delhi School of Economics. In recent times, he had obtained online Certificates on Big Data, Hadoop and Business Analytics.
Shri Deepak Kumar has worked in various work areas of RBI which includes Payment System, Currency distribution and management, Planning, Banking operations, Human Resource Management, Commercial bank supervision, Foreign Exchange regulation and supervision, Information Technology, etc.
Shri Sanjay Rungta
Shareholder Director
DOB: 26.01.1966
Qualification: B.Com, F.C.A.
Re-elected as Shareholder Director with effect from 08.12.2017
Term Ends on: 07.12.2020
Shri Sanjay Rungta from Mumbai has done B.Com from Rajasthan University and is a practicing Chartered Accountant with more than 27 years of experience dealing with Income Tax, Companies Act, Audit, Finance & Management consultancy matters and has been exclusively working for the Public Sector Banks. He is a senior managing partner of M/s. S.P. Rungta & Associates, Chartered Accountants, Mumbai since the last 27 years. He is also a partner in DMKH Insolvency Resolution Services LLP.
In the last 27 years he has conducted various kinds of audits of the Banks’ branches like regular Internal inspection, concurrent audit, statutory audit and having conducted stock audit, valuation of primary securities, due diligence and monitoring of large corporate domestic borrowers on behalf of Public Sector Banks. He was also appointed as concurrent auditor of large borrowers under the CDR mechanism by the Monitoring Institution under CDR cell of RBI.
Post held at Present/Past
Shri Rungta is in the panel of “Peer Reviewers” nominated by the ICAI and has also conducted peer reviews of various CA firms in accordance with the ICAI regulations in the last few years. Apart from vast experience of audits of banking industry, he has also handled various types of audit and other assignments of many private and public sector corporations, insurance companies, central cooperative societies, Government companies.
He has widely travelled in India and abroad. His special interests are Banking, Finance, Cooperative sector & Social work etc.
Shri Navin Prakash Sinha
DOB: 15.10.1962
Qualification: BA (Hons) - Economics
Licenciate of Insurance Institute of India
Elected as Shareholder Director with effect from 08.12.2017
Term ends on: 07.12.2020
Shri Navin Prakash Sinha has vast experience in the field of Financial Product Marketing, Human Resource Management and Labour laws especially related to Pension, Gratuity, and other Employees’ benefits.
Financial Product Marketing:
Human Resource Management:
Labour laws especially related to Pension ,Gratuity, and other employees’ benefits:
i. As a Chief (P&GS), he was responsible for marketing and administration of Pension & Group Insurance vertical from Corporate Office.
Post held in LIC at Present/Past