Mr. Balachandran was the Chairman and Managing Director of Bank of India from 2005 till 2008. Before his appointment as the CMD of Bank of India, he was the Executive Director of the same bank. He is a post-graduate in science, and commenced his banking career in 1970 as a probationary officer in Bank of Baroda. He has worked in different capacities, including as the Senior Manager (Agriculture), Chief Manager (Agriculture), Regional Manager, Deputy General Manager (Priority Sector) before he was elevated to the level of General Manager and Zonal Manager of Bank of Baroda, Chennai Zone, Chennai. Thereafter, he was moved to Bank of Baroda, New York as the Chief Executive.