Finance Ministry Increases Chief General Manager Posts In PSU Banks
The Ministry of Finance has approved the increase of chief general manager posts in several public sector undertaking banks, as per an official release issued on Monday. With this revision, a total of 64 new CGM posts will be added in 11 state-run banks, the finance ministry said.
So far, CGM posts were available in six out of the 11 nationalised banks. Post this revision, the posts will also be created in five more public sector lenders—Bank of Maharashtra Ltd., Central Bank of India Ltd., Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank, according to the release.
"The number of CGM posts in all the 11 nationalised banks has been increased from 80 to 144," it stated.
Accordingly, the number of general manager posts has been revised from 440 to 576, and the number of deputy general manager posts increased from 1,320 to 1,728, the ministry added.
In line with these revisions, the number of assistant general manager posts has also been raised from 3,960 to 5,184.
"This significant step has been taken keeping in view the demands being received from various banks and also due to the substantial growth in business, verticals, domains, and branch expansions of the banks that require a dedicated pyramid of executives at the senior level," the ministry said.
Post-enhancement at the senior management level will lead to increased oversight and will result in better identification and mitigation of risks, especially in complex financial environments, it noted.
The move will "enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, and financial inclusion," it further said.
The number of posts has been revised based "on the business mix of the banks" as of Mar. 31, 2023, with the ratio of one CGM for every four GMs, the ministry added.
Notably, the increase of every one CGM-level post leads to the creation of four additional GM posts, 12 DGM posts, and 36 AGM posts.
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