EASIER RULES FOR PSB CHIEF APPOINTMENT

In a bid to cast a wider net in its search for new bank chiefs, the Govt. has eased eligibility norms for EDs who could be eligible for the Chairman's post. Last week, it was lowered to 15 months of residual service as on March 31, 2010, in a drastic relaxation from the earlier eligibility criteria, which required two years of residual service. 

Incidentally, this is the third time in just two months that the government has revised the service criteria. In January, it was reduced to one year and nine moths, Last fortnight, it was further lowered to one year and six months and now reduced to 15 months. CMDs of PSU banks retire at the age of 60.

The other criteria of one-year experience as ED of a bank has not been relaxed. The EDs will be interviewed on February 16 and 17 in New Delhi by the appointments committee, headed by R Gopalan, secretary — department of financial services.

The relaxation of residual service from one year and nine months to one year and six months benefited RN Pradeep, ED of Central Bank of India and Anil Girotra, ED of Andhra Bank. Further relaxation of residual service to 15 months will benefit three more EDs — Jagdish Pai of Canara Bank, VK Nagar of Syndicate Bank and SC Kalia of Union Bank of India.

Besides this, the earlier government had approached State Bank of India to recommend its deputy managing directors (DMD) for the CMD post. SBI had recommended three managing directors of its associate banks who were in the rank of DMD (at SBI). These include Renu Challu of State Bank of Hyderabad, AC Varma of State Bank of Patiala and Dilip Mavinkurve of State Bank of Mysore.


Source: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Easier-rules-for-PSB-chief-appointment/articleshow/5578109.cms