Bank of India Welcomes New Government Nominee Director
Bank of India has appointed Shri Manoj Muttathil Ayyappan as the new Government Nominee Director, replacing Shri Bhushan Kumar Sinha. Ayyappan, aged 49, is currently Joint Secretary in the Department of Financial Services, Ministry of Finance. He brings over 25 years of experience in banking and financial services, with expertise in SME lending, financial analysis, trade finance, risk management, and credit operations. Ayyappan holds an MBA and B.Sc. from Mahatma Gandhi University, Kerala, and has worked with various financial institutions including Karur Vysya Bank, Utkarsh Small Finance Bank, and Axis Bank.

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Bank of India , one of India's leading public sector banks, has announced a significant change in its Board composition. The Government of India has appointed Shri Manoj Muttathil Ayyappan as the new Government Nominee Director, effective immediately. This appointment comes as a replacement for Shri Bhushan Kumar Sinha, marking a transition in the bank's leadership structure.
New Director's Profile
Shri Manoj Muttathil Ayyappan, aged 49, brings a wealth of experience to his new role at Bank of India. Currently serving as Joint Secretary in the Department of Financial Services, Ministry of Finance, Ayyappan's appointment underscores the government's commitment to enhancing the bank's governance and strategic direction.
Educational Background and Expertise
Ayyappan's educational credentials include:
- MBA from Mahatma Gandhi University, Kerala
- B.Sc. from Mahatma Gandhi University, Kerala
With over 25 years of experience in the banking and financial services sector, Ayyappan's expertise spans several critical areas:
- SME lending
- Financial analysis
- Trade finance
- Risk management
- Credit operations
Professional Journey
Ayyappan's illustrious career includes significant roles at various financial institutions:
- Karur Vysya Bank
- Utkarsh Small Finance Bank
- Axis Bank
- Accenture Management Consulting
- Infosys BPO
- Bank of Madura Limited
This diverse experience across different banking environments positions him well to contribute to Bank of India's strategic initiatives and operational excellence.
Appointment Details
The appointment of Shri Manoj Muttathil Ayyappan as Government Nominee Director has been made under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. It's worth noting that Ayyappan has no relationship with any of the existing directors of Bank of India, ensuring an independent perspective in his new role.
Implications for Bank of India
This change in the Board composition is expected to bring fresh insights and expertise to Bank of India's governance structure. Ayyappan's extensive experience in various aspects of banking, particularly in SME lending and risk management, aligns well with the bank's focus on strengthening its market position and enhancing its service offerings.
As Bank of India continues to navigate the evolving financial landscape, the addition of Shri Manoj Muttathil Ayyappan to its Board is likely to contribute to the bank's strategic decision-making processes and overall growth trajectory.
Historical Stock Returns for Bank of India
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
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+0.41% | +6.12% | +11.34% | +19.16% | +19.45% | +211.59% |