Tuesday, March 3, 2015

Govt invites applications for top posts in 5 PSU banks; Private sector candidates may also apply

THE department of financial services, Govt. of India has invited applications for the post of managing director and chief executive officer (MD & CEO) in five public sector banks viz. Bank of Baroda, Bank of India, Canara Bank, IDBI Bank Ltd. and Punjab National Bank.
For the first time posts have been thrown open to employees in the private sector as well. The guidelines issued...
by the finance ministry envisage that both governmental and non-governmental candidates can apply. The candidate should have at least 15 years of mainstream banking experience, of which three years should at least be at the board level. The candidate should be in the age group of 45 to 55 years and will have a fixed tenure of three years, subject to normal age of superannuation of 60 years.
The salary package payable to the appointees will be flexible. The other terms and conditions of appointment will be those as may be specified by the Government at the time of appointment. The MD & CEO shall hold the office for a term of three years from the date on which he/she enters the office as a MD & CEO subject to the age of superannuation as 60 years.
In his Budget speech, finance minister Arun Jaitley has proposed the setting up of an autonomous bank board bureau that will select heads of PSU banks and ask them to develop differentiated strategies and capital-raising plans through innovative financial methods and instruments.
It would also reduce the burden of frequent capital infusion into PSU banks as it puts severe pressure on the fiscal position of the government.
The bankers have hailed the decision saying the move will improve corporate governance of PSU banks and will bring transparency in appointing PSU chiefs and board members.
Jaitley said this would be an interim step towards establishing a holding company for banks. But nevertheless, the setting up of a bureau is a step in the right direction.
Job Description:
Job Title: Managing Director & Chief Executive Officer
Job Type: Professional
Location: Delhi/Mumbai/Bengaluru
Recruitment type: Fixed tenure of 3 years subject to normal age of superannuation of  60 years
Closing Date: March 21, 2015
Duties & Responsibilities:
(i) To establish vision, mission and values in consultation with Board of Directors
 (iii) To monitor and control
 (iv) to exercise accountability to shareholders and responsibility towards the stakeholders
Eligibility Criteria:
a. Person of ability, integrity and standing with knowledge and experience in Banking
b. Proven management, leadership and innovative skills to build and inspire team
c. Experience in institutional development in banking sector
d. Should have at least 15 years of experience in mainstream banking of which at least 3 years should be served at the Board level.
e. Should be in the age group of 45 to 55 years on the date of advertisement
f. Application received shall be screened and shortlisted on the basis of experience and eligibility conditions. The candidates will be called for preliminary interaction for the purpose of determining the eligibility. The decision of the Screening Agency shall be final. Candidates duly recommended by the Screening Agency will only be called for the interview.
Applications on the enclosed proforma, clearly demonstrating eligibility against each requirement, along with one passport size photograph, should be sent in closed cover super-scribed with the words “Application for the post of Managing Director & CEO in Public Sector Banks” to reach the address given below by 5:30 PM on 21.03.2015.
The Under Secretary (BO.I), Department of Financial Services, Govt. of India, Jeevandeep Building (Third Floor), Parliament Street, New Delhi - 110001
Government/public/regulatory sector applicants must forward the applications through their Head of Department / proper channel. Advance copies of applications may, however, be submitted in anticipation of obtaining necessary approvals. The application must be accompanied with:
a) Duly attested Annual Confidential Reports of the last five years
b) Integrity Certificate
c) Vigilance clearance certification that no disciplinary proceedings or criminal proceeding are either pending or contemplated against the officer concerned. d) List of major / minor penalties, if any, imposed on the candidate and, otherwise, a certificate confirming that no penalty has been imposed on the officer during service.
The selected candidate shall be required to resign/ retire from and be relieved from his/her current employment before joining the post. Restrictions on re-employment as prescribed, after tenure as MD & CEO of respective PSBs, would apply. Fiduciary declaration is required from every MD & CEO on or before his appointment as such.
The selected candidate must join within 30 days from the date of offer of appointment. The period would be extendable for a further period of 30 days on the request of the candidate subject to approval of competent authority. If the selected candidate fails to join even after the notice or submits unwillingness, he/she shall be debarred from consideration for appointment in all PSBs/Autonomous Bodies /Statutory Bodies/ Regulatory Bodies for a period of three years.
The applications shall be screened by a Screening Committee/ Agency and suitable candidates meeting the eligibility criteria shall be shortlisted for an interaction with the Selection Committee, which will make a recommendation(s) to the Government for the appointment. The decisions/ recommendations of the screening / selection committee shall be final.
The details in this regard are available on the web site www.financialservices.gov.in

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