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Ajay Kumar Srivastava has been elevated as MD and CEO of Chennai-based public sector lender Indian Overseas Bank (IOB) with effect from January 1, 2023 from his current position as ED.
Srivastava started his banking career as a probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country.
He is a hardcore banker with vast field level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat and Delhi while working at senior level in Allahabad Bank.
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After successful completion of about 27 years in Allahabad Bank, he was elevated as ED and he joined IOB in 2017.
At IOB as ED, he had a challenging journey, the bank was incurring losses since 2014, was in PCA since 2015 and financial parameters were in bad shape besides many other challenges.
He made strategies for each of the key areas and successfully implemented them at the ground level with the support of the board.
He served the bank as ED for more than five years and handled all the departments and portfolios during the period.
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The highlight of his stint as ED has been playing a very key role in bringing the bank out of loss in March 2020 and out of PCA in September 2021.
Moreover, he was the only ED in the bank for about 14 months during 2020-2021, said an IOB release.
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