Finance Ministry seeks information on eligible Executive Directors from PSBs
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.
You might also be interested to read: Corporate Affairs Ministry Allows Companies To Hold AGMs Via Video Conferencing
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.
Source: The Hindu BusinessLine
