The Central Government has announced an extension in the tenures of AS Rajeev and Matam Venkata Rao, the Managing Directors and Chief Executive Officers of Bank of Maharashtra (BoM) and Central Bank of India (CBoI), respectively. The extension was confirmed via regulatory filings.
Rajeev, who has been leading BoM since December 2018, was initially set to step down in December 2023. However, he will now continue his leadership role until May 2024 or until further orders are given, as per the Department of Financial Services (DFS), which is under the supervision of the Ministry of Finance (MoF).
Similarly, Rao's tenure at CBoI has also been extended. Having been at the helm since March 2021, Rao was originally expected to conclude his term in February 2024. Now, with the recent extension, he is set to lead until July 2025 or until further instructions are issued.
These extensions come as a part of the Central Government's ongoing efforts to maintain stability and continuity within these significant banking institutions.
InvestingPro Insights
As we delve into the financial performance of both Bank of Maharashtra (BoM) and Central Bank of India (CBoI), InvestingPro's real-time data and tips provide some valuable insights.
For BoM, InvestingPro Tips highlight that it has been consistently increasing its earnings per share, indicating sound financial health. Additionally, it has shown a strong return over the last five years, which is a positive sign for long-term investors. On the downside, the bank is noted to be quickly burning through cash and suffering from weak gross profit margins.
Turning our attention to CBoI, InvestingPro Tips reveal that it has experienced accelerating revenue growth, a promising sign for potential growth. It also boasts a high return over the last year and has been profitable over the last twelve months. However, similar to BoM, it is quickly burning through cash and has weak gross profit margins.
InvestingPro Data for BoM shows a negative P/E ratio of -10.00 as of Q2 2023. Over the past year, its price has seen a decline of 11.11%.
These insights are a mere glimpse into the wealth of information available on InvestingPro. With over 10 additional tips for each company, InvestingPro provides a comprehensive view of these institutions' financial health, helping investors make informed decisions.
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