GoI Extends Ajay Kumar Srivastava’s Tenure as MD & CEO of Indian Overseas Bank Till October 2027.

In September 2025, the Government of India (GoI) extended the tenure of Ajay Kumar Srivastava, Managing Director (MD) and Chief Executive Officer (CEO) of Indian Overseas Bank (IOB), till October 8, 2027, or until further orders. His tenure was earlier set to conclude on December 31, 2025.

      - Ajay Kumar Srivastava assumed charge as MD & CEO of IOB on January 1, 2023, succeeding Partha Pratim Sengupta, after having served as the bank’s Executive Director since October 2017.

      - He began his career in 1991 as a Probationary Officer with Allahabad Bank, which was later merged with Indian Bank in 2020, gaining extensive experience in retail, corporate, and priority sector banking.

Main Point :-   (i) Under his leadership, IOB achieved a major milestone by exiting the Reserve Bank of India’s (RBI) Prompt Corrective Action (PCA) framework, marking a strong turnaround in financial health.

      (ii) The Government of India’s extension of his tenure until October 8, 2027, reflects confidence in his leadership to steer IOB’s continued growth and strengthen its position in the public sector banking space.