M. Balachandran
Muthusamy Balachandran | |
|---|---|
| Born | May 1, 1947 India |
| Occupation | Banker |
| Years active | 1970–present |
| Known for | Chairman and managing director of Bank of India; Chairman of National Payments Corporation of India |
Muthusamy Balachandran (born 1 May 1947) is a distinguished Indian banker who held the position of chairman and managing director (CMD) at Bank of India from June 2005 until April 2007. Before ascending to CMD, he served as the bank’s executive director. He also led the board of the National Payment Corporation of India Limited until 2017.
Career
Balachandran completed his M.Sc. in Agriculture at the University of Madras in 1969. Initially engaged in research focused on plant breeding and genetics, he transitioned into banking following an interview with Bank of Baroda. Prior to entering the banking sector in 1970, he briefly held a teaching position at an Agricultural University.
His professional journey began at Bank of Baroda as a Specialist Direct Recruit Officer. Over time, he occupied multiple roles such as Senior Manager (Agriculture), Chief Manager (Agriculture), Regional Manager, and Deputy General Manager (Priority Sector). In 1996, he was promoted to General Manager and Zonal Manager for the Chennai Zone of Bank of Baroda, subsequently serving as CEO of its New York branch until 2003.
In 2004, the Government of India appointed him as executive director of Bank of India. He was elevated to CMD on 9 June 2005 and also acted as the bank’s nominee director at Indo-Zambia Bank Limited. That same year, he joined the boards of NABARD Consultancy Services (NABCONS) and AFC India, both subsidiaries under NABARD. Furthermore, he chaired BOI Shareholding Ltd, a joint venture comprising Bank of India (51%) and the BSE (49%). He relinquished all these roles by April 2007.
Following this, in 2007 Balachandran became a board member at both the Small Industries Development Bank of India and Institute of Banking Personnel Selection. In 2008, he was appointed non-executive chairman of Star Union Dai Ichi Life Insurance Co., a collaboration among Bank of India, Union Bank of India, and Dai-ichi Life Insurance.
By May 2010, he had been designated trustee for DHAN Foundation. In 2013, Balachandran joined PNB MetLife Insurance Company’s board—a joint venture between Punjab National Bank and MetLife Insurance—and took on the role of chairman at the National Payments Corporation of India.
Since 2016, he has functioned as an Independent Director at Tamil Nadu Infrastructure Funds Management Corporation (TNIFMC). Beginning July 2017, he assumed chairmanship at Sasvitha Home Finance Ltd.
Contributions
Under Balachandran’s leadership as chairman and managing director, Bank of India marked its centenary while reaching significant benchmarks in technology adoption, rural financing, and global banking operations. The institution rapidly implemented a new core banking solution (CBS) through an innovative outsourcing approach that earned international acclaim. It also carried out extensive business process reengineering initiatives. On the international front, the bank expanded by inaugurating branches in Belgium and China and made history by acquiring a listed bank in Indonesia—the first such acquisition by an Indian bank. Additionally, it introduced 'Abhay,' an innovative trust dedicated to financial literacy and credit counselling within India.
Balachandran was the inaugural chief of Gram Vikas Kendra at Bank of Baroda in Tamil Nadu and holds a postgraduate degree in agricultural science from Tamil Nadu Agriculture University.
He has chaired Mumbai-based Star Union Dai-ichi Insurance Company—a joint venture involving Bank of India, Union Bank of India, and Japan’s Dai-ichi Life Insurance Company Ltd.—and serves as a director at the Institute of Banking Personnel Selection in Mumbai.
His directorship portfolio includes Indo Zambia Bank Ltd., a partnership between Indian public sector banks and Zambia’s government; ASREC (India) Ltd., specializing in asset reconstruction; BOI Shareholding Ltd.; Agriculture Finance Corporation Ltd.; and NABARD Consultancy Services Ltd.
Balachandran has actively contributed to various committees established by RBI, IBA, NABARD, and the Government of India. Notably, he participated in the High Power Expert Committee tasked with positioning Mumbai as an International Financial Centre.
He currently chairs both the National Payments Corporation of India Ltd. and the Small Industries Development Bank of India (SIDBI).