AIBOC CIRCULAR NO. 31 DATED 28.03.2011

AIBOC issued its circular No. 31 dated 28.03.2011 on tenure of the managing directors or executive directors of public sector banks. We are reproducing the same here for our readers.

CIRCULAR NO.31                                       DATE: 28.03.2011

TO ALL AFFILIATES /MEMBERS:

TENURE OF THE MANAGING DIRECTORS OR EXECUTIVE DIRECTORS OF PUBLIC SECTOR BANKS

We have today taken up the issue with the Finance Ministry, Government of India on the issue of appointment of Chairman and Managing Directors or Executive Directors of Public Sector Banks who have been left with less than 3 years of service. We have opposed such appointments, as they may not devote their time and attention for the comprehensive growth of the Banks.  A copy of our communication is annexed.

With greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY

No.1410/175/11                                                                      28.03.2011

To,

Sri. Pranab Kumar Mukherjee

Hon’ble Finance Minister,

Government of India,

South Block, Parliament House,

New Delhi.

Respected Sir,

TENURE OF THE MANAGING DIRECTORS OR EXECUTIVE DIRECTORS OF PUBLIC SECTOR BANKS

We have been observing during the past few years that, the Government of India is appointing persons with less than 3 years of service as Chairman & Managing Directors or Executive Directors of Public Sector Banks. We have noticed appointment of the persons with only a few months remaining service, we wish to make it abundantly clear that, such appointments will not yield the desired results, as the persons appointed to such top posts will not be in a position to devote their time and attention for the comprehensive growth of the Bank. They shall also be just counting their days to retire safely, without any blemish during the fag end of their service. Persons appointed for short stints have not given their best and in many cases, their actions have led to disturbance of the Industrial Relations atmosphere in the Banks, causing adverse impact on the growth of the Banks.

We request you to appoint the top executives who are having minimum service of three years, so that; the Banks will have the continuity of Chairman and Managing Director for the planned and concerted growth of the Institution.

We request you to take note of the above and ensure appointment of Chairman and Managing Director of Public Sector Banks with a minimum tenure of 3 years.

Thanking you,

Yours faithfully,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY