Govt cancels selection of 8 CMDS of Public Sector Banks

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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.

Govt cancels selection of 8 CMDS of Public Sector Banks
"After receipt of the report of the Committee, the Government has decided to cancel the current selection process of CMDs/EDs of Public Sector Banks (PSBs). As a result, eight posts of CMDs and fourteen posts of EDs would require to be filled-up de novo," Ministry of Finance said in a press release.

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.

Read more about: public sector banks
Story first published: Tuesday, October 28, 2014, 12:40 [IST]
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