Government Extends Tenure of Bank of India and Bank of Baroda Managing Directors by Three Years

Government Extends Tenure of Bank of India and Bank of Baroda Chiefs

The Indian government has taken a significant decision to extend the tenure of the Managing Directors of Bank of India (BoI) and Bank of Baroda (BoB) for three years beyond their current terms. This move is likely to have a profound impact on the banking sector, given the key roles played by these institutions in the country's economy.

According to sources, the government has extended the term of Rajneesh Karnatak, Managing Director and Chief Executive Officer (MD and CEO) of BoI, for three years, effective April 29, 2026. Karnatak was appointed as MD and CEO of the bank in 2023 for a three-year term, indicating that he has been performing well in his role. This extension is a testament to the government's confidence in his leadership.

Similarly, the Appointment Committee of the Cabinet, headed by Prime Minister Narendra Modi, has also approved the extension of Debadatta Chand, MD and CEO of BoB, for three years, effective July 1, 2026. This decision suggests that the government is satisfied with Chand's performance and believes that he can continue to lead the bank effectively.

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While the government has extended the tenure of the top brass at BoI and BoB, it has not yet taken a view on extension with regard to UCO Bank MD and CEO Ashwani Kumar. Kumar's three-year term is set to come to an end on June 1, 2026, and it remains to be seen whether he will be given an extension.

In another move, the Appointment Committee of the Cabinet has extended the term of Ashutosh Choudhary as executive director of Indian Bank for another three years. This decision is likely to provide stability to the bank's leadership and enable Choudhary to continue his work in the organization.