Bank of India has announced a key leadership change with the appointment of Smt. Usha Ramsinghani as Company Secretary, effective 28.01.2026. The appointment was communicated to stock exchanges under Regulation 6 and 30 of SEBI (LODR) Regulations, 2015, ensuring compliance with regulatory disclosure requirements.

Leadership Transition Details

The appointment comes as part of an internal reorganization, with Smt. Ramsinghani replacing Shri Rajesh V. Upadhya, who has been transferred to the Zonal Audit Office in Hyderabad. This transition represents a planned internal movement within the bank's organizational structure.

Professional Background and Qualifications

Smt. Usha Ramsinghani brings a robust professional profile to her new role as Company Secretary. Her educational and professional credentials demonstrate comprehensive expertise in banking, finance, and corporate governance.

Key Qualifications:

• Science Graduate
• Qualified Company Secretary (ACS-78171)
• Chartered Accountant
• CAIIB (Certified Associate of Indian Institute of Bankers)
• Over 13 years of professional experience
• Current position: Assistant General Manager

Regulatory Compliance

The appointment notification was formally communicated to both the National Stock Exchange of India Ltd. and BSE Ltd., ensuring full compliance with stock exchange listing requirements. The bank's reference number HO:IRC:SVM:2025-26:398 dated 27.01.2026 documents this regulatory filing.

The transition reflects Bank of India's commitment to maintaining strong corporate governance standards while ensuring continuity in key management positions. Smt. Ramsinghani's extensive experience and multiple professional qualifications position her well to handle the responsibilities of Company Secretary in the current regulatory environment.

Banking and financial services stocks face pressure amid volatile markets and persistent foreign investor selling, but industry experts see compelling investment opportunities emerging. Bank of India Mutual Fund's Chief Investment Officer Alok Singh argues that current market conditions present an attractive entry point for BFSI sector investments, particularly highlighting PSU banks as potential value plays.

Market Timing and Investment Rationale

Singh dismisses concerns about market volatility and foreign investor selling, emphasizing that investment decisions should be fundamentally driven rather than based on short-term market movements. He points to the BFSI sector's strong correlation with economic growth and the longevity of businesses in this space as key factors supporting long-term investment prospects.

The sector is positioned to benefit significantly from India's economic expansion, with Singh projecting substantial growth as the economy moves from its current $4 trillion level toward $7-8 trillion. Historical data supports this optimism, showing that over the past 20 years, while nominal GDP grew by about 10 times, the BFSI space expanded by around 50 times, indicating a higher growth delta.

Valuation Discount Creates Opportunity

Current valuations present a compelling case for sector investment, according to Singh's analysis:

The banking sector trades at a significant discount to the broader market, with Nifty Bank at 2.4 times price-to-book while the Nifty 50 trades at around 3.0 times. Singh attributes this valuation discount to temporary factors, primarily recent rate cuts where assets get repriced faster than liabilities, creating interim net interest margin (NIM) pressure that typically eases over time.

PSU Banks as Value Plays

Within the banking universe, Singh identifies PSU banks as particularly attractive investment opportunities. These institutions trade at the cheapest valuations within the banking space, with even large PSU banks trading at much lower valuations compared to their peers. The valuation gap primarily stems from historical efficiency concerns, but Singh notes significant improvements in business model efficiency and NPA management.

As PSU banks achieve efficiency levels comparable to their private sector counterparts, Singh expects valuation gaps to converge, potentially driving superior returns. The combination of improved operational metrics and attractive valuations positions PSU banks for outperformance over the next 2-3 years.

Sector Fundamentals Show Strength

Key fundamental indicators support the positive investment thesis:

• Asset Quality: NPAs across the banking sector have declined to lower levels
• Profitability: Return on equity (ROE) has improved across banks
• Balance Sheets: Banks maintain strong financial positions
• Growth Metrics: Both deposit growth and lending growth have started picking up
• Diversified Performance: Insurance and capital markets businesses are performing well

Growth Drivers and Outlook

Singh emphasizes that earnings visibility combines with valuation comfort to support the investment case. The correlation between nominal GDP growth and banking industry expansion remains strong, with the economy growing at around 10-11% nominal GDP growth rate. This economic backdrop supports similar or better growth rates for the banking industry.

The fund manager focuses on top-line growth as the primary metric to watch, noting that efficiency factors and industry delivery capabilities are well-positioned. Revenue growth across lending, insurance, and capital markets segments will be key determinants of sector performance.

Investment Considerations

Singh recommends a minimum five-year investment horizon for the sector, emphasizing that shorter timeframes create volatility and unpredictable NAV behavior. He positions BFSI as suitable for all investor categories, highlighting the sector's diversity beyond traditional banking to include NBFCs, asset managers, wealth managers, fintech companies, broking firms, and exchanges.

The current phase represents what Singh characterizes as a temporary discount from long-term averages rather than a value trap, with transient NIM compression and economic growth concerns being addressed through government support measures and improving GDP growth rates reaching around 8.20%.