The Department of Financial Services, Ministry of Finance, has approved the assignment of additional charge of Managing Director and Chief Executive Officer of UCO Bank to Rajendra Kumar Saboo, the bank’s Executive Director, with effect from June 19, 2026. He steps into the role after Ashwani Kumar completed his three-year tenure as MD and CEO on May 31, 2026. Saboo will hold the position until August 31, 2026, or until a regular incumbent is appointed, or until further orders, whichever is earlier.
UCO Bank: A Brief Background
UCO Bank is one of India’s oldest public sector banks. It was founded on January 6, 1943 as United Commercial Bank Ltd. by the industrialist G.D. Birla, following the Quit India Movement of 1942. The bank was nationalised in 1969 and renamed UCO Bank in 1985 through an Act of Parliament, after a bank in Bangladesh with the same name caused confusion in international banking.
Headquartered in Kolkata, West Bengal, UCO Bank operates more than 3,400 branches across India and has two overseas branches in Singapore and Hong Kong. It is the only Government of India-owned public sector bank headquartered in eastern India. The bank also facilitates the Rupee-Rial and Rupee-Ruble trade mechanisms between India and Iran and India and Russia respectively.
For the financial year 2025-26, UCO Bank reported a global business of ₹5,90,314 crore, up 14.95% year on year. Net profit rose 13.21% to ₹2,768 crore, while gross non-performing assets improved to 2.17% from 2.69% in the previous year.
Who Is Rajendra Kumar Saboo?
Rajendra Kumar Saboo is a career banker with over three decades of experience in the Indian banking sector. He joined UCO Bank as Executive Director on November 21, 2022, and was overseeing the bank’s strategic management, business development, and operational functions before being entrusted with the additional charge of MD and CEO.
Career Journey
Saboo began his banking career as a Probationary Officer at the erstwhile Oriental Bank of Commerce in 1994. Over the years, he rose through the ranks, holding various field and administrative roles including Branch Head, Regional Head, and Cluster Head across multiple locations. Before joining UCO Bank, he served as Chief General Manager at Punjab National Bank, where he handled strategic management, economic advisory, management information systems, and data analytics.
Key Expertise
Saboo has worked across several major banking verticals during his career. These include treasury operations, international banking, digital banking, and wealth management. He holds a postgraduate degree in Commerce and an MBA in Banking and Finance. He is also a Certified Associate of the Indian Institute of Bankers (CAIIB).
Why Was an Interim Appointment Needed?
The position of MD and CEO of UCO Bank fell vacant on June 1, 2026, following the completion of Ashwani Kumar’s three-year term on May 31, 2026. Ashwani Kumar had been appointed as MD and CEO through a Government of India notification dated May 31, 2023, under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The process of appointing a regular MD and CEO through the Financial Services Institutions Bureau (FSIB) involves issuing a vacancy notice, screening candidates, conducting interviews, and making a recommendation to the government. This process takes time. To ensure continuity in the bank’s leadership and avoid a vacuum at the top, the government assigned the additional charge to the senior-most Executive Director. The FSIB had already listed a vacancy for the MD and CEO position of UCO Bank on its website on June 9, 2026, indicating that the selection process for a regular appointee is underway.
How Public Sector Bank Chiefs Are Selected
The appointment of Managing Directors and Chief Executive Officers in India’s public sector banks follows a structured process involving multiple agencies.
The Financial Services Institutions Bureau (FSIB) is the key recommending body. Established in 2021 as the successor to the Banks Board Bureau (BBB), FSIB is mandated to recommend candidates for whole-time directors and non-executive chairpersons on the boards of public sector banks, financial institutions, and public sector insurance companies.
The selection process works as follows:
| Step | Description |
|---|---|
| Vacancy Notification | FSIB issues a public advertisement inviting applications for the vacant MD and CEO position |
| Screening | Applications are scrutinised against eligibility criteria, including age, experience, and service record |
| Interview | Shortlisted candidates are interviewed by the FSIB selection panel |
| Recommendation | FSIB recommends the most suitable candidate to the government |
| Approval | The Department of Financial Services (DFS) under the Ministry of Finance processes the recommendation |
| Final Nod | The Appointment Committee of the Cabinet (ACC) gives the final approval for full-time appointments |
For interim arrangements, such as the additional charge given to Saboo, the DFS can directly convey the government’s approval without going through the full FSIB selection process.
Key Takeaways
- Rajendra Kumar Saboo, Executive Director of UCO Bank, has been given additional charge as MD and CEO with effect from June 19, 2026.
- He succeeds Ashwani Kumar, whose three-year tenure as MD and CEO ended on May 31, 2026.
- Saboo will hold the position until August 31, 2026, or until a regular incumbent is appointed, or until further orders.
- He began his banking career as a Probationary Officer at the erstwhile Oriental Bank of Commerce in 1994 and has over three decades of experience.
- UCO Bank was founded on January 6, 1943 as United Commercial Bank Ltd. by G.D. Birla, nationalised in 1969, and renamed UCO Bank in 1985.
- The Financial Services Institutions Bureau (FSIB), established in 2021, recommends candidates for MD and CEO positions in public sector banks, with final approval by the Appointment Committee of the Cabinet (ACC).
