In an unprecedented move, the government has invited applications from private sector candidates for the position of chief executives in public sector banks (PSBs). This is also the first time there is a public advertisement seeking applications, put up on the Union finance ministry’s website.


Applications are invited for the post of managing director and chief executive officer (MD & CEO) in five entities – Bank of Baroda (BoB), Canara Bank, Punjab National Bank (PNB), Bank of India (BoI) and IDBI Bank. Those in BoB, Canara and PNB are vacant and the chief executives of BoI and IDBI will retire in May and June, respectively.


In December last year, the government had decided to split the charge of chairman and managing director in PSBs. Government-run banks are to now have a MD & CEO, and a non-executive chairman.


Those between 45 and 55 years of age will be eligible to apply and should have at least three years of board-level experience. One may apply for vacancies without a limit.


“The candidate should have at least 15 years of mainstream banking experience, of which three years should at least be at the board level,” said the finance ministry. Those selected will be given a fixed tenure of three years; the retirement age will be 60 years. Those selected must join within 30 days from the date of offer, extendable by another 30 days on request.


Courtesy: Business

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