Government Extends Tenure of Leading Bank Executives

The government has extended the terms of Rajneesh Karnatak and Debadatta Chand, MDs of Bank of India and Bank of Baroda respectively, for three more years. Extensions are effective from 2026. The Appointment Committee of the Cabinet has yet to decide on Ashwani Kumar of UCO Bank.

In a significant move, the government announced a three-year extension for the tenures of Rajneesh Karnatak and Debadatta Chand, leading figures at Bank of India and Bank of Baroda respectively. Their extended roles will now conclude in 2026.

The decisions were finalized by the Appointment Committee of the Cabinet, spearheaded by Prime Minister Narendra Modi. These extensions highlight the government's strategy to ensure continuity and stability in the top management of major public sector banks.

However, the fate of UCO Bank's Ashwani Kumar hangs in the balance, as the committee has yet to make a decision regarding his term, which is approaching its end in mid-2026. Meanwhile, Ashutosh Choudhary's role as executive director of Indian Bank has also been extended for another three years.