Ajay Kumar Srivastava has been elevated as Managing Director and CEO of Indian Overseas Bank from his current posting as executive director, with effect from January 1, 2023.
He started working as a probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country. He is an astute and hardcore banker with vast field-level experience. Ajay Kumar Srivastava has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat, and Delhi while working at a senior level in Allahabad Bank.
He was elevated as Executive Director of IOB in October 2017 after the successful completion of about 27 years in Allahabad Bank. At Indian Overseas Bank as Executive Director, he had a very challenging journey. When the bank started incurring huge losses since 2014, 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 Executive Director for more than five years and handled all the departments and portfolios during the period. The highlight of his stint as Executive Director 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 Executive Director in the Bank for about 14 months during 2020-2021.
Ajay Kumar Srivastava was appointed as Director on the Board of India Infrastructure Finance Company by the government for two years. He also served as Director on the Board of Regional Rural Bank in his previous Bank.
