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A week after appointing two private sector individuals as heads of state-run lenders, the finance ministry on Thursday announced norms for selection of managing directors and chief executive officers in small- and mid-sized public sector banks, allowing only officers from PSBs to apply.
“Appointments Committee of Cabinet (ACC) has approved the guidelines for selection of MD and CEOs in PSBs other than five large state-run banks,” said a finance ministry release, adding that the selection process would be initiated in a month. There is CEO and MD vacancies in Indian Bank and Andhra Bank and there would be another vacancy in UCO Bank by the end of August.
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In line with earlier norms, executive directors of nationalised banks, deputy managing directors of IDBI Bank and MDs of associate banks of State Bank of India with atleast one year of experience in the position and who have two years remaining service would be eligible for the top jobs at these lenders. The selection would be made through the current process of interview of the candidates by three panels of the sub-committee of the appointments board.
Candidates would be rated out of 100 marks with 50 marks allocated for performance appraisals of five years while another 50 marks would be assigned on the basis of performance during interaction with the sub-committee.
