New Delhi: The Finance Ministry may relax the eligibility criteria for selection of chief executive officers (CEOs) and managing directors (MDs) of five public sector banks if applicants in the ongoing selection process fail to pass muster with the Reserve Bank of India's scrutiny.
"We may relax certain eligibility criteria after the applications that we received are scrutinised by RBI," official sources said.
About 40 applications were received by the Department of Financial Services for appointment as Managing Director and CEO in Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.
If the RBI is not able to provide us adequate number of shortlisted candidates for the interview then the ministry may have to invite applications again with somewhat relaxed criteria, sources said.
If at all there is relaxation, it could for board level experience or age criteria so that serving executive directors of the public sector banks or more candidates from private sector could be eligible for the vacancies, sources added.
As per convention, for every vacancy a minimum four candidates are interviewed by the government.
Of the total aspirants, about three candidates from the PSU sector, mostly from the financial institution, applied for these vacancies.
The last date for submission of applications for these posts was March 21 and 40 applications were received.
This is the first time when executives from private sector banks would be part of the selection process for top jobs in state-owned banks.
The public notice was issued in February after the new appointment process was cleared by the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi.
Applicants, as per the criteria, should have at least 15 years of experience in mainstream banking, of which at least three years should be served at the board level.
Candidates should be in the age group of 45-55 years as on the date of advertisement, it said, adding, shortlisted candidates will be called for preliminary interaction for the purpose of determining the eligibility.
The decision of the screening agency (RBI) will be final. Candidates duly recommended by the agency will only be called for the interview.
The salary package payable to the appointees would be flexible. The other terms and conditions of appointment will be those as may be specified by the government at the time of appointment, according to the advertisement.
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