The Ministry of Finance has extended Rajendra Kumar Saboo’s additional charge as Managing Director and Chief Executive Officer of UCO Bank until November 30, 2026, ensuring continuity at the top of one of India’s major public sector banks during a particularly active phase of balance-sheet expansion and overseas fundraising.
The fresh decision is an extension rather than a new appointment.
Saboo, who is also an Executive Director of UCO Bank, was originally given additional charge of MD & CEO on June 19, 2026, after the tenure of former MD & CEO Ashwani Kumar ended on May 31. His initial arrangement was due to continue until August 31, 2026, or until a regular incumbent was appointed, whichever came earlier.
The Department of Financial Services under the Ministry of Finance has now extended the arrangement for another three months beyond August 31—up to November 30, 2026, or until a permanent MD & CEO is appointed or further orders are issued, whichever is earlier. The decision was conveyed through a DFS communication dated August 25.
Rajendra Kumar Saboo UCO Bank MD & CEO Extension: What Changed?
| Particular | Details |
|---|---|
| Executive | Rajendra Kumar Saboo |
| Current substantive role | Executive Director, UCO Bank |
| Initial additional charge | June 19, 2026 |
| Original expiry | August 31, 2026 |
| Extended till | November 30, 2026 |
| Appointing authority | Government of India / Department of Financial Services |
| Nature of arrangement | Additional charge, not permanent appointment |
| Previous MD & CEO | Ashwani Kumar |
| Previous MD & CEO’s term ended | May 31, 2026 |
The distinction is important. Saboo has not yet been appointed as a regular full-term MD & CEO through this order. Instead, the government has extended an interim leadership arrangement while the process for filling the position on a regular basis continues.
The original June appointment can also be verified through UCO Bank’s stock-exchange disclosure filed with the NSE.
Who Is Rajendra Kumar Saboo?
Saboo brings more than three decades of banking experience to the role.
According to UCO Bank, he began his career as a Probationary Officer with the erstwhile Oriental Bank of Commerce in 1994.
Over the years, he worked as a branch head, regional head and cluster head before moving into senior management responsibilities.
As a General Manager, he handled areas including:
- Integrated Treasury and International Banking
- Digital Banking
- Wealth Management
Before joining UCO Bank, Saboo served as a Chief General Manager at Punjab National Bank, where his responsibilities included Strategic Management, Economic Advisory, MIS and Data Analytics.
He took charge as Executive Director of UCO Bank on November 21, 2022.
His educational qualifications include postgraduate studies in commerce and an MBA in Banking & Finance. He is also a Certified Associate of the Indian Institute of Bankers and has undergone the leadership development programme for senior management of public sector banks conducted through the Financial Services Institutions Bureau.
That combination of treasury, international banking, digital banking, strategy and analytics is particularly relevant when UCO Bank is pursuing overseas borrowing while expanding domestic lending.
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Why Saboo’s UCO Bank Extension Matters
For UCO Bank, this is more than an administrative continuity order.
Saboo remains at the helm while the lender is simultaneously dealing with four major priorities: rapid credit growth, deposit mobilisation, improving asset quality and access to overseas funding.
Just one day before the leadership extension was disclosed, UCO Bank’s board approved a proposal to raise foreign currency funds of up to $1 billion through its Medium Term Note programme, potentially in one or more tranches.
That makes continuity in the MD & CEO’s office particularly relevant.
Foreign-currency borrowing requires decisions around pricing, timing, currency exposure, investor appetite, liquidity and the bank’s broader funding mix. A leadership transition in the middle of such a programme could have added another layer of uncertainty.
The extension gives UCO Bank a known decision-maker through at least November, unless the government names a permanent chief sooner.
UCO Bank Crosses ₹6.05 Lakh Crore in Total Business
Saboo is also overseeing UCO Bank at a time when its balance sheet is expanding considerably faster than a year ago.
For the quarter ended June 30, 2026, UCO Bank reported total business of ₹6,05,083 crore, up 15.53% year-on-year.
UCO Bank’s advances grew more than 21% year-on-year, considerably faster than its 11.28% deposit growth. Its credit-deposit ratio consequently stood above 82% at the end of June. The bank must therefore continue growing deposits and other funding sources while maintaining lending momentum.
The $1 billion MTN proposal becomes particularly relevant in that context.
Readers tracking developments across Indian lenders can follow News4Bharat’s Banking coverage for PSU bank, RBI, NPA, credit-growth and leadership updates.
Government of India Holds 90.95% in UCO Bank
UCO Bank remains overwhelmingly government controlled.
As of June 30, 2026, the Government of India held 90.95% of the bank, leaving public shareholding at roughly 9.05%.
That ownership structure makes leadership appointments at UCO Bank fundamentally different from succession decisions at privately controlled banks.
The government is not merely a regulator or outside stakeholder; it is the dominant shareholder.
This is also why Ministry of Finance and DFS decisions concerning top appointments can have a direct bearing on governance continuity at public sector banks.
The Department of Financial Services oversees a wider ecosystem of banking, financial institutions, insurance and financial-sector policy under the Union Finance Ministry.
News4Bharat has been tracking similar government-linked changes across the financial sector, including the recent appointment of S Somanath to the RBI Central Board.
What Does “MD & CEO (I/C)” Actually Mean?
The “I/C” attached to Saboo’s designation means in charge.
He exercises the responsibilities of Managing Director and CEO under the additional-charge arrangement, but this should not be confused with a fresh regular appointment for a fixed full tenure.
Government guidelines for public sector bank appointments specifically provide for additional-charge arrangements when a top position becomes vacant.
The distinction matters for investors, employees and customers because a permanent MD & CEO appointment would represent a longer-term leadership mandate.
UCO Bank Share Price and Market Capitalisation
UCO Bank shares ended August 26 at around ₹26.19 on the NSE, up about 0.54% for the session.
At that price, the bank carried a market capitalisation of roughly ₹32,666 crore. Its 52-week trading range stood at ₹22.22 to ₹34.20.
The stock movement should not, however, be attributed solely to the leadership announcement. UCO Bank had already been in focus after its board approved the $1 billion foreign-currency fundraising plan, while broader banking and market conditions also influence daily price movements
What Happens Next at UCO Bank?
Three developments now deserve watching.
- First is the appointment of a permanent UCO Bank MD & CEO. Saboo’s additional charge lasts only until November 30 unless a regular incumbent takes office earlier.
- Second is execution of the bank’s up to $1 billion MTN fundraising programme. Pricing, timing and investor demand will determine how effectively UCO Bank can diversify its funding base.
- Third is whether the bank can sustain loan growth above 20% while deposit growth remains closer to 11% without putting excessive pressure on funding costs or asset quality.
Those questions matter more than the designation itself.