Finmin considers proposal to raise posts of Chief General Managers in state-owned banks
finance ministry is considering a proposal to raise the posts of Chief General Managers in public sector banks in view of their increasing business and profitability. As per existing government guidelines, there can be one Chief General Manager (CGM) for four General Managers in a public sector bank (PSB).
These guidelines were issued in 2019 and since then there has been marked improvement in performance of PSBs despite the pandemic, sources said.
Business of PSBs have witnessed significant growth and consequently they booked record profit, sources said, adding the Department of Financial Services under the Finance Ministry is reviewing CGM positions for achieving the next level of growth by PSBs.
The decision to relax the guidelines would be taken after thorough examination and considering the need for furthering their business expansion, sources said.
The CGM post was created in 2019, after the merger of 10 nationalised banks to four large lenders. CGMs act as an administrative and functional layer between the General Manager and the Executive Director.
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