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The government has extended the tenure of Managing Directors of Bank of India (BoI) and Bank of Baroda (BoB) for three years beyond their current terms. According to sources, the government has extended the term of Rajneesh Karnatak, 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 three years. Besides, the Appointment Committee of the Cabinet, headed by Prime Minister Narendra Modi, also approved the extension of Debadatta Chand, MD and CEO of BoB, for three years, effective July 1, 2026. However, the government has not yet taken a view on extension with regard to UCO Bank MD and CEO Ashwani Kumar, whose three-year term is also coming to an end on June 1, 2026. The Appointment Committee of the Cabinet has also extended the term of Ashutosh Choudhary as executive director of Indian Bank for another three years.
Buoyed by the good health of public sector banks (PSBs), Financial Services Secretary M Nagaraju has exuded confidence that the combined profit of these banks should cross Rs 2 lakh crore in the current financial year. Stressing that the Indian banking sector is in good shape, he said credit growth of PSBs is at 12 per cent this year, which is tremendously "good", while deposit growth at 10 per cent is also reasonably very good. "As I said, banks are at the bellwether for the strength of the economy. Therefore, they are resilient. We have very prudent management systems in place under the regulator RBI. So we are not much worried about the external factors negatively impacting our banking sector," he told PTI in an interview. Asked about the profitability of PSBs, "this year (ongoing financial year) we will cross Rs 2 lakh crore. We already touched almost Rs 1 lakh crore in the first half...I think we will cross Rs 2 lakh crore." The combined profit of PSBs would double in three ..
Public sector banks have expanded their market share in the competitive home loan market to 50 per cent of total originations by value in September, a report said on Monday. The state-run banks have overtaken private sector banks in the market, the report by a credit information company said. Nearly 40 per cent of the overall home loans were in the higher bracket of over Rs 75 lakh, Crif High Mark said, adding that the number of active loans added by just 3.3 per cent to 2.29 crore, which indicates an increase in average exposure per loan. The overall home loan market, the largest in the retail segment, grew by 11.1 per cent year-on-year and 2.1 per cent quarter-on-quarter to Rs 42.1 lakh crore as of September-end, it said. There was a 15.3 per cent increase in the overall consumption loans side to Rs 109.6 lakh crore, the report said, adding that a fast-paced growth in the gold segment led the segment. "PSU banks have expanded their market leadership in both value and reach, and
State Bank of India-led public sector banks posted a record cumulative profit of Rs 49,456 crore in the second quarter of the current fiscal, reflecting a 9 per cent year-on-year growth despite two lenders reporting a decline. All 12 public sector banks (PSBs) together made a profit of Rs 45,547 crore in the September quarter of FY25. Thus, the increase in profit in absolute terms was Rs 3,909 crore as compared to the same quarter of the previous financial year. Market leader SBI alone contributed 40 per cent to the total earnings of Rs 49,456 crore, as per the published numbers on stock exchanges. SBI logged a net profit of Rs 20,160 crore in Q2 FY26, 10 per cent higher than the same period of the previous fiscal. In percentage terms, Chennai-based Indian Overseas Bank reported the highest net profit growth of 58 per cent to Rs 1,226 crore, followed by Central Bank of India with a 33 per cent rise to Rs 1,213 crore. During the quarter, all 12 public sector banks (PSBs) except Ban