FinMin relaxes norms for top jobs in govt banks

The finance ministry has relaxed the norms for selection of chairman and managing director in public sector banks which will now allow executive directors who were appointed merely couple of months back to appear in the interviews. Interestingly, the government has decided to interview the candidates as early as this week for vacancies that will arise not before August 2014 – after the general elections.  According to norms, candidate needs to complete one year as executive director to become eligible for chairman and managing director. However, the criteria for residual service of two years of a candidate have not been tweaked.

The finance ministry has also seems to have kept the communication made by the department of personnel and training (DoPT) conveying the observations and directions of the Appointment Committee of the Cabinet regarding appointment of top jobs in government banks and financial institutions – in abeyance and proceeded with the selection process.

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