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Financial Ministry May Relax Norms for CEOs Appointment in 5 PSBs

The Department of Financial Services received 40 applications for appointments in PNB, BoB, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.

Published: 13th April 2015 06:00 AM  |   Last Updated: 13th April 2015 07:29 AM   |  A+A-

RBI

NEW DELHI:The Ministry of Finance (MoF) may relax the eligibility criteria for selection of  CEOs and MDs of five PSU banks if applicants in the ongoing selection process fail to pass muster with Reserve Bank’s scrutiny.

This is the first time that executives from private banks will be part of the selection process for top jobs in state-owned banks.

“We may relax certain eligibility criteria after the applications that we received are scrutinised by RBI,” sources said.

The Department of Financial Services had received over 40 applications for appointments in Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.

According to official sources, if RBI is unable to provide adequate number of shortlisted candidates for the interview, the Ministry may have to invite applications again with relaxed criteria.

“If at all there is relaxation, it could for board level experience or age criteria so that serving executive directors of the public sector banks or more candidates from private sector could be eligible for the vacancies,” sources added.

As per convention, for every vacancy, a minimum four candidates are interviewed by the government. Of the total aspirants, about three from the PSU sector, mostly from the financial institution, were received.

It may be noted that the public notice was issued in February after the new appointment process was cleared by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.

Applicants, aged between 45 and 55, should have at least 15 years experience in mainstream banking, including at least three years board level experience.

Shortlisted candidates will be called for preliminary interaction for the purpose of determining the eligibility and the decision of the screening agency, that is RBI, will be final.

The salary package payable to the appointees would be flexible.

The other terms and conditions of appointment will be those as may be specified by the Government at the time of appointment, as per the advertisement.



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