Central Bank of India , a prominent public sector bank, has announced a significant change in its top leadership. Shri Matam Venkat Rao, who served as the Managing Director and CEO of the bank, has retired from his position effective July 31, 2025.

Retirement Details

The bank officially notified the stock exchanges, BSE and NSE, about this change in board composition. According to the announcement:

• Shri Matam Venkat Rao ceased to be the Managing Director & CEO of Central Bank of India.
• The retirement took effect from the close of working hours on July 31, 2025.
• The reason for his departure is cited as superannuation, marking the end of his tenure at the helm of the bank.

Official Communication

The notification to the stock exchanges was signed by Chandrakant Bhagwat, the Company Secretary & Compliance Officer of Central Bank of India. This communication adheres to the regulatory requirements under Regulation 30 & 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Implications and Next Steps

While the bank has not yet announced a successor, this change in leadership marks a significant moment for Central Bank of India. The retirement of a Managing Director & CEO often leads to a period of transition as the bank's board and stakeholders prepare for new leadership.

Investors and market watchers will likely be keen to see who takes over the reins at Central Bank of India and what strategic direction the new leadership might take. As of now, the bank has not provided any information about the succession plan or an interim arrangement.

Central Bank of India, with its vast network and significant role in India's banking sector, will be closely watched in the coming days as it navigates this leadership transition. The bank's future strategies and performance under new leadership will be of interest to both investors and customers alike.

As this development unfolds, stakeholders will be anticipating further announcements from the bank regarding its leadership succession plans.

Central Bank of India , one of India's leading public sector banks, has announced a significant change in its Board of Directors. Shri Baldeo Purushartha, a seasoned Indian Administrative Service (IAS) officer, has been appointed as the new Government Nominee Director, effective July 24, 2025. This appointment comes as a replacement for Shri Hardik Mukesh Sheth.

Appointment Details

The appointment of Shri Purushartha was made by the Central Government under the powers conferred by clause (b) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. His tenure as Government Nominee Director will continue until further orders from the government.

About Shri Baldeo Purushartha

Shri Baldeo Purushartha brings a wealth of experience to his new role at Central Bank of India:

• Joined the Indian Administrative Service in 2002
• Currently serves as Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India
• Previously held positions include:
  • Secretary at Lokpal
  • Divisional Commissioner in Jalandhar, Punjab
  • Various roles in the Government of Punjab and Government of India

Extensive Board Experience

Shri Purushartha's appointment adds significant value to Central Bank of India's board, given his extensive experience serving on the boards of several prominent organizations:

• India Infrastructure Finance Company Ltd. (IIFCL)
• Indian Railway Station Development Corporation Ltd. (IRSDCL)
• Indian Railway Finance Corporation Limited (IRFCL)
• National Investment and Infrastructure Fund Trustee Limited (NIIFTL)
• National Land Monetization Corporation Limited (NLMCL)

Additionally, he represents the Government of India as:

• Director in the Executive Board of International Fund for Agricultural Development
• Alternate Director in the Board of New Development Bank
• Alternate Director in the Board of Asian Infrastructure Investment Bank

Educational Background

Shri Purushartha holds a Post Graduate degree in History from the University of Delhi, adding to his diverse skill set and knowledge base.

Regulatory Compliance

Central Bank of India has confirmed that Shri Baldeo Purushartha is not debarred from holding the office of Director by any orders of the Securities and Exchange Board of India (SEBI) or any other authority. Furthermore, he is not related to any existing Directors or Key Managerial Personnel of the bank, ensuring independence in his role.

This appointment marks a significant addition to Central Bank of India's leadership, potentially bringing fresh perspectives and extensive public sector experience to the bank's strategic decision-making process.