Indian banking leaders Rajeev and Rao secure tenure extensions

investing.com:

In a recent development, the Appointments Committee of the Cabinet (ACC) in India has approved tenure extensions for A S Rajeev and M V Rao, managing directors of public sector banks Bank of Maharashtra (BoM) and Central Bank of India respectively.

Rajeev's term at BoM has been extended until his superannuation, an extension of about six months. On the other hand, Rao's tenure at the Central Bank of India is now set to last until July 31, 2025.

Both leaders have been serving their respective roles since 2018 for Rajeev and 2021 for Rao. This crucial decision regarding the leadership of these public sector lenders comes as part of an ongoing effort to ensure stability and continuity within India's banking sector.

In light of the recent leadership extensions at Bank of Maharashtra and Central Bank of India, InvestingPro provides relevant data and tips for both banks.

For BoM, InvestingPro Tips highlight its consistent increase in earnings per share and high returns on book equity. Despite some concerns about cash flow and earnings quality, the bank has been profitable over the last twelve months and has seen a strong return over the last five years.

Central Bank of India, on the other hand, has seen accelerating revenue growth and consistent increases in earnings per share, as per InvestingPro Tips. The bank has also experienced a large price uptick over the last six months, indicating a strong return. However, it's important to note that the bank does not pay a dividend to shareholders.

InvestingPro Data for Central Bank of India shows a market cap of 2.79M USD and a P/E ratio of -10.00 as of the second quarter of 2023. The bank's return on assets was -7.31% for the same period. The bank's price has seen a total return of