Bank of India Sees Profit Challenges Amidst Market Shifts

The head of Bank of India, Rajneesh Karnatak, discussed challenges and opportunities for banks.

He expects a decrease in profits for banks due to interest rate cuts.

He believes banks can still do well by increasing non-interest income and recovering written-off accounts.

The bank has a strong presence in international markets.

The bank lends to non-banking financial companies (NBFCs), most of which are highly rated.

Karnatak suggests that the competition between private and public sector banks is now equal, and that customer service and digital platform quality are key differentiators.