RBI Had Concerns, But Top Official Backed Aspirant For Bank CEO Job

Deputy governor Rajeshwar Rao signed off on a decision to recommend Asheesh Pandey as CEO of Indian Bank

- Shayan Ghosh

A top official of the Reserve Bank of India (RBI) had signed off on a decision to recommend Asheesh Pandey as the next chief executive of Indian Bank, even as the central bank reportedly raised concerns against his candidature.

RBI deputy governor Rajeshwar Rao was among the signatories to the proposal of recommending Pandey for the post, as per a document accessed by Mint under a Right to Information (RTI) query. Pandey is currently an executive director at state-owned Bank of Maharashtra, and was so when he had appeared for the job interview in April 2024.

While Rao was part of the committee that recommended Pandey for the top job at Indian Bank, a report in the Economic Times on 13 July said that RBI had also written to the government pointing out reservations about his candidature at banks. The Financial Services Institutions Bureau—a body which picks names for top roles at banks—has representation from RBI, and it was apprised of the RBI's letter before the selection, the report said.

However, a person aware of the proceedings of the FSIB interview said its members were unaware of RBI's letter to the finance ministry.