NEW DELHI — In a major governance move to strengthen board-level oversight across state-owned financial entities, the Appointments Committee of the Cabinet (ACC) has cleared the appointment of 12 Part-Time Non-Official Directors (NoDs) across various Public Sector Banks (PSBs), Public Sector Insurance Companies (PSICs), and Development Financial Institutions (FIs).
The order, issued by the Secretariat of the ACC under the Department of Personnel and Training (DoPT) on August 11, 2026, comes on the recommendations of the high-level Search Committee submitted via the Department of Financial Services (DFS).
According to the official notification, all appointees will serve a three-year tenure from the date of their appointment notification, or until further orders, whichever is earlier.
Appointees and Assigned Institutions
The appointments span key public sector lenders, major state insurers, and apex financial institutions:
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Public Sector Banks (PSBs):
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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 Companies (PSICs):
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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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Financial Institutions (FIs):
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Exim Bank: Shri Deepak Kumar Sharma
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National Bank for Agriculture and Rural Development (NABARD): Dr. Rishipal
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National Housing Bank (NHB): Shri Kailash Chander
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Small Industries Development Bank of India (SIDBI): Dr. Ramesh Kumar
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Strategic Impact & Governance
The induction of Non-Official Directors is part of the government’s broader mandate to enhance corporate governance, risk management, and strategic decision-making in public sector financial entities. By filling these long-standing board vacancies, the Centre aims to ensure diverse professional perspectives and robust independent oversight in managing the country’s key banking, insurance, and development finance portfolios.
