Indian Overseas Bank (IOB) has announced a significant change in its Board of Directors, effective March 3, 2026. Mr. Thomas Mathew, Principal Chief General Manager (Retired) from the Reserve Bank of India, has been nominated as the new RBI Nominee Director. This appointment is made by the Central Government under the provisions of the Banking Companies Act, 1970, replacing the previous nominee, Ms. Sonali Sen Gupta.
Board Reshuffle Confirmed by IOB
Indian Overseas Bank (IOB) officially informed stock exchanges on March 3, 2026, regarding a key change in its directorship. The notification detailed the appointment of a new nominee director from the Reserve Bank of India (RBI).
Appointment of New RBI Nominee Director
The Central Government has nominated Mr. Thomas Mathew to serve as the RBI Nominee Director on the Board of IOB. Mr. Mathew joins the board in his capacity as Principal Chief General Manager (Retired) of the Reserve Bank of India. This change takes effect immediately and will remain in force until further orders are issued.
Cessation of Previous Director
This nomination results in the cessation of the tenure of Ms. Sonali Sen Gupta from the role of RBI Nominee Director on the Bank’s Board. The bank confirmed that the necessary legal and regulatory processes, as stipulated under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, have been adhered to for this transition.
Disclosure Summary
As per mandatory listing regulations, the required details were furnished. The reason for the change is explicitly cited as the Nomination of Mr Thomas Mathew as RBI Nominee Director by Central Government in place of Ms Sonali Sen Gupta. The date of appointment/cessation is recorded as the 3rd March 2026. Furthermore, the disclosure confirmed there is Nil disclosure of any relationship between the newly appointed director and the bank or its management.
Source: BSE
