Following the report of the RBI panel, the government decides to cancel the current selection process of CMDS/EDS of eight public sector banks, according to statement released by Ministry of Finance.
The Government constituted a Committee to examine the selection process adopted for the selections to the posts of CMDs/EDs of Public Sector Banks (PSBs) for the year 2014-15.
The Government has decided that a fresh process for selection would 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 selection process.
The Government would fill-up all these vacancies expeditiously. The Government has also decided to finalise a new process for selection of CMDs/EDs for all future vacancies, it added.