New Delhi: The Central government has appointed Alok Tiwari (IAS) as a government-nominee director on the board of Corporation Bank. Currently, Tiwari is serving as Deputy Secretary in the Department of Financial Services under the Ministry of Finance since November 15, 2019. He has been appointed as Director on the board of the bank with effect from March 5. The information was shared by Corporation Bank in a regulatory filing to the stock exchanges. Tiwari has been appointed on the board of Corporation Bank at a time when the government is planning to merge Corporation Bank with Union Bank.
Alok Tiwari is a 2007 batch Indian Administrative Services (IAS) officer of UP cadre. He is currently serving as Deputy Secretary in the Department of Financial Services, Ministry of Finance
Tiwari is a 2007 batch Indian Administrative Services (IAS) officer of UP cadre. He has completed BTech in Mechanical Engineering from IIT, Kanpur. He has held various important positions in the state government of Uttar Pradesh. He has more than 13 years of experience in the government. He also holds a master's degree in Economics from the London School of Economics and Political Science (LSE).
Corporation Bank is a public-sector banking company headquartered in Mangalore. According to the bank's website, the bank has a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.
On August 30, 2019, Finance Minister Nirmala Sitharaman announced that Corporation Bank and Andhra Bank would be merged into Union Bank of India. The proposed merger would make Union Bank of India the fifth largest public sector bank in the country with assets of Rs 14.59 lakh crore (US$200 billion) and 9,609 branches.