New Delhi: The Government of India has approved the extension of tenure for top executives of two major public sector banks—Bank of India and Bank of Baroda—ensuring leadership continuity for the next three years.
The decision was cleared by the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi.
Rajneesh Karnatak’s Term Extended at Bank of India
The government has extended the tenure of Rajneesh Karnatak, Managing Director and CEO of Bank of India, for another three years.
His new term will come into effect from April 29, 2026. Karnatak was originally appointed to the position in 2023 for a three-year term and will now continue leading the bank through the next phase of growth and transformation.
Debadatta Chand to Continue at Bank of Baroda
Similarly, Debadatta Chand, Managing Director and CEO of Bank of Baroda, has also received a three-year extension.
His extended tenure will begin from July 1, 2026, allowing him to continue steering the bank’s strategic initiatives and operational expansion.
Leadership Stability Across Public Sector Banks
The extensions reflect the government’s focus on maintaining stability and continuity in leadership across key public sector banks. Officials believe that experienced leadership is critical for sustaining financial growth, improving asset quality, and driving digital transformation in the banking sector.
Pending Decision on UCO Bank CEO
While extensions for BoI and BoB have been confirmed, the government has not yet taken a decision regarding UCO Bank MD and CEO Ashwani Kumar, whose current term is set to end on June 1, 2026.
A decision on his extension is expected in the coming weeks.
Extension for Indian Bank Executive Director
In a related move, the ACC has also approved a three-year extension for Ashutosh Choudhary as Executive Director of Indian Bank.
This decision further reinforces the government’s strategy of retaining experienced leadership in the banking sector.
Strengthening Governance and Growth in Banking Sector
The extensions come at a time when public sector banks are focusing on strengthening governance, improving financial performance, and expanding digital banking services.
Continuity in top management is expected to help these banks maintain momentum in reforms and strategic initiatives.
About Bank of India and Bank of Baroda
Bank of India is one of India’s leading public sector banks, offering a wide range of banking and financial services with a strong domestic and international presence.
Bank of Baroda is another major government-owned bank known for its global operations and focus on innovation, digital banking, and customer-centric services.
Read also: Bank of Baroda Launches AI-Powered Multilingual Platform “bob SAMVAD” for Inclusive Banking
