Finance Minister approves raising of posts of CGMs public sector banks
Nirmala Sitharaman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalized banks including Bank of Maharashtra, Central Bank of India, and UCO Bank. Besides, Indian Overseas Bank and Punjab & Sind Bank would now elevate their General Managers (GM) to CGMs.
Prior to this, CGM posts were available in six out of 11 nationalized banks.
«While creating the said post, the Finance Minister has also approved the increase in the existing number of CGMs in the banks that already have CGM-level posts. This step will significantly enhance the administrative structure and efficiency of banks,» the finance ministry said in a statement.
CGM post acts as an administrative and functional layer between the General Manager (GM) and the Executive Director (board level post) in the Nationalized Banks, it said.
The increase of CGM posts will enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, financial inclusion etc., and sub-domains like retail credit, agri credit, MSME Credit etc., thereby leading to more targeted strategies and improved overall performance, it said.
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