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The Finance Ministry has kicked off the process for selection of Managing Director & CEO in certain Public Sector Banks (PSBs). The Department of Financial Services (DFS) has asked all the eleven PSBs to furnish the details of Executive Directors who have completed one year of service and have two years of residual service as on April 1 this year.
It is not sure whether candidates currently serving SBI will be considered this time round. Once the details on EDs are available from the PSBs, the DFS is expected to pass the information to Banks Board Bureau (BBB), which will then conduct the process of selection and recommend names to the government.
The posts of MD & CEO will fall vacant from July 1 this year for Union Bank and Indian Overseas Bank. Next year (2021), vacancies in MD & CEO posts are expected to arise for six PSBs-- Bank of Maharashtra, Central Bank, Indian Bank, Punjab National Bank, Punjab & Sind Bank and UCO Bank.
It maybe recalled that the number of State-owned banks in the country have come down to 12 after the mega bank consolidation that came into effect from April 1. As many as 10 PSBs were amalgamated into four mega banks.
General Managers
The DFS has also in a separate communication asked the PSBs to furnish the details of the General Managers who have completed two years of service as GMs and have three years of residual service as on April 1, sources said.The GMs who qualify on this count will be considered by the BBB for appointment as Executive Directors, it is learnt.
Banks Board Bureau
It may be recalled that BBB had during the October 2019-March 2020 period recommended candidates for one vacancy of Managing Director of State Bank of India (SBI), after interviewing 17 candidates from PSBs and SBI. It had also completed the process of recommending candidates for the position of MD & CEO in Bank of Baroda, Canara Bank and Bank of India.
The Bureau also took cognisance of the announcements on merger of 10 PSBs and changes in the whole time directors (WTD) vacancies in larger PSBs. It accordingly made recommendations to reposition 4 MD & CEO s and 11 WTDs and for extension of term of WTDs.
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