Search is on for 8 public sector bank chiefs

Indian government kicks off move to replace chiefs of 8 banks that will retire next year.

The government has begun the process for selecting chiefs of at least eight public sector banks, including the country's biggest lender SBI, where top position would fall vacant in the next fiscal.

Kicking off a process that might take at least 4-5 months, the Finance Ministry has commenced collecting personal background records and profiles of all the executive directors currently working with various PSBs (public sector banks), sources said.

The CMDs (Chairman and Managing Directors) would be mostly selected from a pool that have been created of all the executive directors at PSBs, they said, adding that in some cases chief of a particular bank might be transferred to another bank.

The pool was created about a year ago to expedite the process of selecting bank chiefs well in time before the retirement of the incumbent CMDs, sources said.

At least eight PSBs will see their current chiefs retiring during the next year.

The selection process would involve interview by a selection panel, which would comprise of members from Finance Ministry and central bank RBI, to be followed by seeking approval from the Finance Minister and the nod of the Cabinet's appointments committee.

View the full story in the Economic Times.