Bank of India (BOI) held its Extraordinary General Meeting (EGM) on November 7, 2025, via video conferencing, marking a significant event in the bank's corporate calendar. The meeting, which saw participation from 35 shareholders and six directors, addressed key governance matters and leadership transitions.

Shareholder Director Election

The EGM's agenda initially included the election of a shareholder director. However, this item was resolved prior to the meeting. Shri Prabodh Parikh emerged as the sole valid nominee and was deemed elected as the Shareholder Director for a three-year term, commencing from November 29, 2025, to November 28, 2028. This appointment was made in accordance with Regulation 66 of the Bank of India (Shares and Meetings) Regulations, 2007.

Executive Director Term Extensions

The core focus of the EGM centered on two critical resolutions regarding the extension of terms for executive directors:

1. P.R. Rajagopal's Term Extension: Shareholders approved the extension of Shri P.R. Rajagopal's term as Executive Director. His tenure, which was set to expire on February 28, 2026, has been extended until his superannuation date of July 31, 2027, subject to any further orders from the Government of India.

2. Subrat Kumar's Term Extension: The meeting also saw the approval of a three-year extension for Shri Subrat Kumar as Executive Director. His current term, due to end on November 20, 2025, has been extended, subject to further orders from the Government of India.

Voting Results

The voting results for these resolutions were overwhelmingly positive:

Both resolutions passed with a resounding majority, reflecting strong shareholder support for the bank's executive leadership decisions.

Meeting Proceedings

The EGM was chaired by Shri M R Kumar, Non-Executive Chairman of the Bank, and was conducted in compliance with regulatory guidelines. The Central Government's interests were represented by Shri Jitendra Asati, Director, Ministry of Finance, who was authorized to participate and vote in the meeting.

E-voting facilities were provided to shareholders through the National Securities Depository Limited (NSDL) platform, ensuring a transparent and accessible voting process. The bank adhered to all necessary regulations, including those set by SEBI and the Companies Act, 2013.

This EGM marks a significant step in Bank of India's corporate governance, ensuring continuity in its executive leadership and reinforcing shareholder engagement in key decision-making processes.

The Indian government is reportedly considering a significant move in the banking sector that could reshape the landscape of public sector banks. According to recent reports, there are deliberations underway regarding a potential merger between Union Bank of India and Bank of India .

Potential Impact on Banking Sector

If the merger comes to fruition, it would create the second-largest bank in India, marking a significant consolidation in the country's banking industry. This move aligns with the government's ongoing efforts to strengthen the public banking sector through strategic mergers and acquisitions.

Key Points of the Potential Merger

Implications and Considerations

The proposed merger, if implemented, could have far-reaching implications for the Indian banking sector:

1. Enhanced Scale: The combined entity would benefit from increased scale, potentially improving its competitiveness and operational efficiency.

2. Market Position: As the second-largest bank in the country, the merged entity could play a more significant role in India's financial landscape.

3. Operational Challenges: The merger process may present short-term operational challenges as the two banks integrate their systems and processes.

4. Customer Impact: Customers of both banks may experience changes in services and product offerings as a result of the merger.

It's important to note that this information is based on current considerations, and the government has not made any official announcements regarding the finalization of this merger. Stakeholders, including investors, employees, and customers of both banks, will be keenly watching for further developments on this potential consolidation in the banking sector.