New Delhi: The Appointments Committee of the Cabinet (ACC) has approved an extension in the tenure of Punjab & Sind Bank’s Managing Director and Chief Executive Officer (MD & CEO) Swarup Kumar Saha till February 28, 2027.
Saha, who took charge as the MD & CEO of the Public Sector lender on June 3, 2022, was originally appointed for a three-year term ending June 2, 2025. As per a notification issued by the Department of Financial Services (DFS) under the Ministry of Finance, the extension has been granted until his superannuation date or until further orders, whichever is earlier.
The decision to extend Saha’s tenure comes at a time when the bank has shown strong financial performance. For the quarter ended March 2024, Punjab & Sind Bank reported a more than two-fold jump in net profit to Rs 313 crore, compared to Rs 139 crore in the corresponding quarter of the previous financial year.
The bank's total income during the January-March 2024 quarter rose to Rs 3,836 crore, up from Rs 2,894 crore a year ago. Interest income grew to Rs 3,159 crore from Rs 2,481 crore in the same period. Net Interest Income (NII) also registered growth, reaching Rs 1,122 crore compared to Rs 689 crore in the fourth quarter of FY23.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)