Money & Banking

Finance Ministry begins next round of selection process for Executive Directors at PSBs

KR Srivats New Delhi | Updated on June 18, 2020

The Finance Ministry has kicked off the next round of selection process for Executive Directors at nationalised banks.

The Department of Financial Services (DFS) has asked nationalised banks to furnish the details of bank officers serving on the highest level below the board of the bank in which the officer is employed.

Details of only those officers who have completed at least two years as General managers or/and Chief General Manager and have three years of residual service as on April 1 need to be furnished to the DFS, official sources said.

Indications are that the Banks Board Bureau ( BBB) will conduct the interviews for the ED posts in the last week of this month.

After the mega bank merger in April 1 that saw 10 PSBs getting consolidated into four, the country has only 12 state-owned banks.

It may be recalled that the Finance Ministry, last September, allowed PSBs with a total business of over ₹10-lakh crore to create Chief General Manager (CGM) posts as per their business needs. This was seen as part of the PSB governance reforms undertaken by the Centre for empowerment of bank boards.

The CGMs are to act as an administrative and functional layer between the existing levels of General Manager and Executive Director. The number of CGM posts created should not exceed the ratio of 1:4 between the total number of posts of CGM and GM, the DFS had then stipulated.

Published on June 18, 2020

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