Tuesday, November 4, 2014

When will the govt appoint CMDs of 8 PSU bank?

THE big question doing the rounds among the heads of public sector banks at present is when will the Narendra Modi-led NDA government appoint the chairman-cum-managing directors (CMDs) of the banks that are headless.
Media reports say that the government will appoint CMDs of eight PSU banks, where it had scrapped selections made by its...
predecessor by end of this month.
A panel, headed by RBI Governor Raghuram Rajan, will hold interviews of eligible candidates for the post of CMDs of eight public sector banks on November 13 and 14, former financial services secretary GS Sandhu said.
“Appointments in these eight positions will be hopefully over by November end,” he said. Besides RBI Governor the other members of the interview panel would include Deputy Governor of RBI, department of financial services secretary and a few external members. The interview process would be objective and transparent, sources said, adding that the interviews of eligible candidates would be held in Mumbai.
Following shortlisting by the high-level panel, the name of the candidates would be sent to the Appointments Committee of Cabinet (ACC) and for other necessary clearances. Earlier this week, the government scrapped the selection of six PSU bank heads and 14 executive directors (EDs) during the UPA tenure following a separate panel finding irregularities in the process. Following the arrest of Syndicate Bank chairman and managing director SK Jain, the ministry had set up a committee comprising Expenditure Secretary, RBI Governor and Secretary School Education to examine the selections process.

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