Hardly! It’s a sound business move as long as regulations are enforced. A Muslim population of 150+ million is a sizable chunk of customers, whichever way you would want to look at it. To link it to Modi’s policies is also not exactly accurate as State-owned banks in India do have a level of autonomy on their policies unless significant public expenditure is involved.
Besides, Muslim anger against Modi is highly unlikely to dissipate with this alone. And if you have observed Indian news, Modi has seemingly ignored the need to reach out to Muslims.
Thanks for showing your true colors.