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Public sector banks (PSBs) can now create Chief General Manager (CGM) posts as per their business needs. The Department of Financial Services (DFS) in the Finance Ministry granted the flexibility to all nationalised banks.
Banking industry experts see this development as part of PSB Governance reforms undertaken by the Government and empowerment of Bank Boards.
CGM posts (in a fresh scale termed as scale VIII) can be created (with Board approval) in nationalised banks that have total business of ₹10 lakh crore or higher, sources said. Such CGMs will 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. For the posts of CGM, the qualifying PSB have been allowed to consider GMs with minimum two years experience. However, this norm could be relaxed up to 50 per cent with the approval of bank's Board, sources added.
The eligible candidates should have at least two years residual service, the Finance Ministry has said.
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