The existing process was cancelled on the basis of a report of the committee formed to examine the selection procedure
GN Bureau | October 28, 2014
The government has cancelled the selection procedure followed till now in appointing CMDs and EDs at public sector banks.
In a statement issued on October 27, the finance ministry said it would fill up the vacancies ‘expeditiously’, and a new process for selection of CMDs/EDs would soon be finalised to address future vacancies.
The existing process was cancelled on the basis of a report of the committee formed to examine the selection procedure.
At present, six PSBs are functioning without CMDs: Canara Bank, Syndicate Bank, United Bank of India, Oriental Bank of Commerce, Bank of Baroda and Indian Overseas Bank.
Scrapping of the old selection process means these banks might have to wait longer to get their new chiefs. Now eight posts of CMDs and 14 of EDs will be filled under the new procedure.
Ministry of finance said: “The government has decided that a fresh process for selection will have to be implemented for filling up these existing vacancies wherein the governor, RBI or his nominee of the rank of deputy governor should be a part of the process.”
Governance Now, had earlier, reported that the delay in appointment of the heads of the banks were probably because the government is contemplating to bifurcate the posts of chairman and managing director in PSBs and adopt a new selection procedure.
The splitting of the CMD post has been recommended by committees and some of the past RBI governors as well.
Gujarat chief minister Vijay Rupani has claimed that the BJP will win all 26 Lok Sabha seats in the state in 2019 polls, thus repeating the 2014 general elections victory. Rupani was interacting with a group of reporters in Gandhinagar on Wednesday. Confident of the BJP’s win, Rupani denied C
A public meeting was organised by the Urban Design Research Institute (UDRI) in Mumbai to discuss the concerns of citizens and urban planners on the recently released Mumbai development plan (DP) 2034. The citizens and experts have expressed concerns regarding the shortage of time to
Denzil Smith is a stage and film actor who has featured in several Indian and international productions that have achieved both critical and commercial success. Gurinder Chadha’s Viceroy’s House was based on partition in which he played the role of Jinnah. He also appeared in The Lunchbox a
Can the JD(S)-Congress combine give stable government in Karnataka?
Sneha Sena is a unique attempt to integrate education and healthcare by bringing school children into the field of palliative care. In Kerala’s Alappuzha district, a government medical officer has decided to create an army of student volunteers to be part of the government’s pain
To counter Beijing’s aggressive agenda in the Indian Ocean, New Delhi is seeking to create strategic bastions in Mauritius, Seychelles and Madagascar. The immediate provocation was China’s inauguration of its first overseas military base in Djibouti, in the Horn of Africa.