In an important decision, the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, on Thursday approved the extension of tenure of two Managing Directors and Chief Executive Officers of public sector banks.
The ACC has approved a three-year extension for Debadatta Chand, MD & CEO of Bank of Baroda, with effect from July 1, 2026. His current tenure is set to end on June 30, 2026.
Similarly, the tenure of Rajneesh Karnatak, MD & CEO of Bank of India (BoI), has also been extended by three years with effect from April 29, 2026.
Notably, appointment orders for both Chand and Karnatak to their respective posts were issued on the same day—April 29, 2023—for a period of three years. Karnatak had assumed charge at BoI on April 29, 2023 following the retirement of his predecessor Atanu Kumar Das in January 2023. Chand took over as MD & CEO of Bank of Baroda on July 1, 2023 after the retirement of Sanjiv Chadha on June 30, 2023.
However, the government is yet to take a decision on the extension of Ashwini Kumar, MD & CEO of UCO Bank, whose three-year tenure is scheduled to end on June 1, 2026.
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