The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ashwani Kumar, Executive Director, Indian Bank as Managing Director and CEO of UCO Bank.

Kumar will replace Soma Sankara Prasad, who is due to superannuate on May 31. It may be recalled that Centre had in December 2021 appointed Prasad as MD & CEO of UCO Bank.

Ashwani Kumar will lead the public sector bank for period of three years from June 1.

Kumar will also be eligible for extension of the term of office, after a review of his performance, by two years or until further orders, whichever is earlier, according to an order issued by the Department of Personnel and Training.