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.
Far away in the other world, she must be weeping seeing the flames of fire she lit for justice slowly fading. On December 16, 2012, the 23-year-old Delhi woman, better known as Nirbhaya now, was brutally raped. She eventually succumbed to her injuries, but not before triggering a storm acorss the count
The rise in income inequality has been gradual in India, said the World Inequality Report which noted that at the global level, inequality has risen sharply since 1980, despite strong growth in China. The report said that inequality within world regions varies greatly. In 2016, the share of
BHEL has successfully commissioned a 54 mega watt coal-fired captive power project in Indonesia. The project located at East Kalimantan in Indonesia has been set up by BHEL for PT Citra Kusuma Perdana (PT CKP) for its coal-mining operations. For the project, B
Have things changed five years after the Nirbhaya incident? I see Delhi as the capital of protest, not just capital of rape as it is often painted. In terms of legislation, in 2013 one-stop-centres were set up after the landmark report of Justice Verma Committee and Justice Usha Meh
The winter session of parliament is starting and I am confident that it will be productive session, said prime minister Narendra Modi on Friday. He hoped that there is “constructive debate and we come up with innovative solutions to our nation`s problems”. Speaking
When prime minister Narendra Modi dedicated Kalvari submarine to the nation, it was significant for more than one reason. Not only did the submarine enhance India’s capability as a blue water navy, it also highlighted Project 75 that focused on a major exercise to build six submarines.