Govt likely to extend Punjab & Sind Bank, Union Bank chiefs' tenures
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This story was originally published at 19:33 IST on 21 May 2025
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NEW DELHI – The government is likely to extend the tenure of heads of Punjab & Sind Bank and Union Bank of India by nine months, a senior finance ministry official said Wednesday. Managing Director and Chief Executive Officer of Punjab & Sind Bank Swarup Kumar Saha and Managing Director and Chief Executive Officer of Union Bank of India A. Manimekhalai's tenure will end on Jun. 2. Both Saha and Manimekhalai were appointed on Jun. 3, 2022, for a period of three years.
The extension, however, hinges on the Financial Services Institutions Bureau's nod, which is likely to interview candidates around May 27-29 in Mumbai, the official told Informist. Following Financial Services Institutions Bureau's recommendation, the Appointment Committee of the Cabinet will take a final call.
The Financial Services Institutions Bureau is tasked with recommending top executives in state-owned financial institutions. The panel, headed by former secretary of the Department of Personnel and Training Bhanu Pratap Sharma, includes Department of Financial Services Secretary M. Nagaraju and Reserve Bank of India Deputy Governor Rajeshwar Rao along with four other members.
In 2024-25 (Apr-Mar), Punjab & Sind Bank's net profit nearly doubled to INR 10.16 billion from INR 5.95 billion a year ago while Union Bank posted a net profit of INR 179.87 billion, up 32% on year. End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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