NEW DELHI — In a major push to strengthen board oversight and governance across state-controlled financial entities, the Appointments Committee of the Cabinet (ACC) has approved the appointment of 12 Part-Time Non-Official Directors (NoDs) to key Public Sector Banks (PSBs), Insurance Companies (PSICs), and Financial Institutions (FIs).
The order, issued on August 11, 2026, by the Secretariat of the ACC under the Department of Personnel and Training (DoPT), follows recommendations made by the Search Committee via the Department of Financial Services (DFS).
All 12 appointees will hold office for a tenure of three years from the date of notification of their appointment, or until further orders.
Institutional Breakup of New Appointments
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Public Sector Banking Roster:
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Bank of India: Shri Raj Kumar Sharma
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Bank of Maharashtra: Shri Naresh Kumar Vashisht
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Indian Bank: Shri Somesh Biswas
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Punjab and Sind Bank: Shri Kristam Subba Raju Guptha
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UCO Bank: Shri Manohar Lal Paliwal
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Public Sector Insurance Roster:
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Agriculture Insurance Company of India Ltd. (AICIL): Shri Ganesh Prasad Tiwary
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General Insurance Corporation of India (GIC-Re): Shri Hiteshkumar Kismatbhai Bhandari
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Oriental Insurance Company Ltd. (OICL): Shri Dashrath Singh
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Development Financial Institutions Roster:
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Exim Bank: Shri Deepak Kumar Sharma
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NABARD: Dr. Rishipal
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National Housing Bank (NHB): Shri Kailash Chander
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SIDBI: Dr. Ramesh Kumar
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Governance Context
The appointment of Non-Official Directors is a key regulatory mechanism designed to bring independent expertise, diverse domain knowledge, and impartial scrutiny to the boards of state-backed financial bodies. By filling these strategic positions, the government aims to enhance credit monitoring, operational efficiency, and risk oversight across the country’s public financial infrastructure.
