Mr. Balachandran M.

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Mr. Balachandran M. (Past Chairman)

September 23, 2013 – September 20, 2017


  •     Chairman & MD, Bank of India  
  •     Chairman, Star union Dai-Ichi Life Insurance  Co
  •     Director (Chief Executive): Instt. of Banking Personnel Selection (IBPS)

Balachandran Muthusamy has been a career banker for 37 years. He worked in India and abroad for over 33 years in Bank of Baroda, lastly as Chief Executive for the bank’s American operations at New York. Thereafter he headed Bank of India and superannuated as its Chairman and Managing Director in 2007. Subsequently he headed Institute of Banking Personnel Selection and retired in 2012. He specialised in Agriculture and SME banking besides Corporate and International segments and Human Resource Management.

He was instrumental in founding the Star Union Dai-Ichi Life Insurance Co, a joint venture between Bank of India, Union Bank and Dai-Ichi life Insurance Co. of Japan and was its founder Chairman for 3 years till 2011.

He was also ex officio Chairman of BOI Shareholding Co. and Bank of Baroda (Guyana) Inc. (South America) and Director on the boards of Indo Zambian Bank Ltd., Nabard Consultancy Services and Agricultural Finance Corporation Ltd., Small Industries Development Bank of India (SIDBI).

He conceptualised and founded ‘Abhay’ BOI sponsored Credit counselling Centre, the first of its kind in the country.

During his tenure BOI expanded its overseas network by adding Beijing and upgrading Schenzen branches in China, Antwerp in Belgium, acquired majority stake in Bank Swadesi in Indonesia and secured licences for subsidiary in Tanzania and South Africa.

Currently, besides NPCI, He is also on the Boards of:

  •     Chartered Financial Management Ltd as Independent Director
  •     PNB MetLife Insurance as nominee Director of Punjab National Bank
  •     Tamil Nadu Infrastructure Funds Management Corporation as Independent director

Other committees where Mr Balachandran is associated were -

Chairman, Expert Group for Merger of Urban Co-op. Banks (RBI); and
Trustee, DHAN Foundation.
RBI committee on Financial Inclusion.

He was previously member of:

  •     High Power Advisory committee of SEBI on Consents and Compounding of capital
  •     Market violations
  •     R&D Advisory committee of National Housing Bank
  •     External Advisory committee of RBI for screening of applications for Small Finance Banks
  •     Chairman: Committee for Review of Depositories System in India (SEBI)

Mr Balachandran has actively participated in several National and international seminars and conferences as speaker and panelist.

Born in 1947, a Post Graduate in Agricultural Sciences and Certified Associate (I) of Indian Institute of Bankers, lives in Chennai.