With the approaching date of retirement of M S Raghavan (CMD, IDBI) and Ms V R Iyer (CMD, Bank of India) two major Public Sector Banks are set to be headless from June 01. It is noteworthy that three major PSBs namely; PNB, Bank of Baroda and Canara Bank are running headless for over seven months.
Many top executives of Public Sector Banks told ‘Indianmandarins’ that they were worried over the emerging scenario as the number of headless PSBs would increase from three to five on June 01, 2015.
Department of Financial Services has recently revised the eligibility crieteria to attract top executives from private sector banks to head PSBs. It increased the upper age-limits from 55 yrs to 57 yrs and lowered the board level experience from 03 yrs to 01 yr. But yet a question will it work?